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October 1, 2014

Homework Help: Economics

Posted by Randy Johnson on Monday, December 1, 2008 at 10:27pm.

Help

The answer i got is :
GDP grew 10%

GDP for 2006 using 2005 as the base year increase by 20%

real GDP grow? 10%

If i'm right, let me know, if not, please show Calculation

Thank You


Use the following data to answer questions 1-3 (be sure to provide all calculations).
Quantity
Year CDs Tennis Racquets

2005 90 180
2006 100 90

Price
CD's Tennis Racquets
$18 $100
$20 $110

Calculate real GDP for 2005 and 2006 using 2005 prices. By what percent did real GDP grow?

Calculate the value of the price index for GDP for 2006 using 2005 as the base year. By what percent did prices increase?

Now calculate real GDP for 2005 and 2006 using 2006 prices. By what percent did real GDP grow?

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