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Calculate gdp deflator

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The economy produces food, housing and entertainment. Suppose 1982 is the base year. Find nominal GDP and real GDP for both years. Calculate GDP deflator.

consumption 1982 1991

category price quantity price quantity

food 5 2 6 4

housing 3 10 4 10

entertainment 2 5 2 4

3. In the base period, real GDP was 1000, and in the next period, real GDP increased by 2%, and the deflator increased by 5%. Determine the nominal GDP in the next period.

Reference no: EM132512175

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