23. The next four questions refer to the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.

Units of Price
Year output per unit
1 16 $2
2 20 3
3 30 4
4 36 5
5 40 6

(a) If year 2 is the base year, give the price index for year 3.

(b) Give the nominal GDP for year 4.

(c) What is the real GDP for year 4?

(d) Tell which years you would deflate nominal GDP and which years you would inflate nominal GDP in finding real GDP.

  1. 👍 0
  2. 👎 0
  3. 👁 58
asked by marc
  1. To quote one of our very good math and science tutors: “You will find here at Jiskha that long series of questions, posted with no evidence of effort or thought by the person posting, will not be answered. We will gladly respond to your future questions in which your thoughts are included.”

    1. 👍 0
    2. 👎 0
  2. 240

    1. 👍 0
    2. 👎 0
    posted by james

Respond to this Question

First Name

Your Response

Similar Questions

  1. URGENT-economics

    How do you find the equilibrium price & level of output give Demand Data: P & Quantity Demanded Cost Data: Output & Total cost

    asked by Jame on October 30, 2013
  2. economics

    Part III: Calculate the Following Questions by Using the Necessary Steps (4 pts each) 1) A monopolist is deciding how to allocate output between two markets that are separated geographically. Demands for the two markets are P1 =

    asked by Belete on June 21, 2016
  3. economics

    You have the following data. A monopolist produces 1000 units of output per month, and sells it at the price of 10 each. You know that the monopolist does not do any price discrimination, and you also know that the price-cost

    asked by joe on January 13, 2011
  4. statistics

    For this discussion you will need to come up with twenty different data points and enter them into the first column in Excel. The data points can be any numbers you want as long as there are twenty of them. You will then use the

    asked by yolanda on March 8, 2012
  5. Microeconomics

    ADVANCED ANALYSIS Assume the following values for Figures 5.4a and Figures 5.4b. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag.

    asked by Mary on January 19, 2013
  6. lasec

    Question 1 (1.00 points) Cost-push inflation: a. is caused by excessive total spending. b. shifts the nation's production possibilities curve leftward. c. moves the economy inward from its production possibilities curve. d. is a

    asked by njabulo on August 16, 2008
  7. Economics

    Given the following diagrams: Q1 = 16 bags. Q2 = 11 bags. Q3 = 23 bags. The market equilibrium price is $53 per bag. The price at point a is $85 per bag. The price at point c is $5 per bag. The price at point d is $63 per bag. The

    asked by YUKA on March 2, 2016
  8. microeconomics

    Using MS Excel or a table in MS Word, complete Table-1 (Joseph Farms, Inc., Cost and Revenue Data). Assume that the price is $165. Assume the fixed costs are $125, at an output level of 1. Assume that the data represents a firm in

    asked by lee on September 10, 2014
  9. Economics

    select the correct answer out of all the possQuestion 1 (1.00 points) Question one The natural rate of unemployment is: a. higher than the full-employment rate of unemployment. b. lower than the full-employment rate of

    asked by muneebah on August 15, 2006
  10. Math

    Can someone please make up data and show me how these questions are done? In the original problem, the data includes; the base fare price, price by mile and price by minutes. a)Use the data shown above and express in words the

    asked by Sage on December 14, 2015

More Similar Questions