Reference no: EM132471512
1) Consider an economy with only pizzas and pasta. Year Quantity of pizzas Price of pizzas
Quantities of Pizza 2011 - 20 and 2017 - 40
Price of pizzas 2011 - 10 and 2017 - 13
Quantity of pasta 2011 - 30 and 2017 - 40
Price of pasta 2011 - 15 and 2017 - 30
A) Calculate the nominal GDP in 2010 and 2017
B) Calculate the real GDP for years 2017 and 2010 using the above table information. Assume that 2010 is the base year
C) What is the GDP annual percentage grow rate from 2010 to 2017?
2) Given the following information about cost of reproducing the 2008 (base-year) basket of goods and services in years 2015 and 2017.
Food - cost in 2008 (Basic Year) : 200 and cost in 2015: 250 and cost in 2017: 280
House - cost in 2008 (Basic Year): 500 and cost in 2015: 600 and cost in 2017: 700
Car - cost in 2008 (Basic Year): 300 and cost in 2015: 350 and cost in 2017: 330
1. Consider the basket of goods as 1 unit of House, 2 unit of Food and 1 unit of Car. Calculate separately consumer price index (CPI) in years 2015 and 2017, where 2008 is basic year.
2. Calculate inflation rate in 2017 based on 2015.
3. Now Consider the basket of good only consist of House and did NOT include hamburgers or movie ticket, Calculate the CPI in 2015 and 2017 and the inflation rate. Why this CPI will be different from the previous one?
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