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Calculate the nominal gdp for years

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Reference no: EM133063175

Katrina is an economy with 3 goods only. 2015 is the base year.

                       GOOD A                                            GOOD B                                                GOOD C

                      Quantity      Price                         Quantity         Price                    Quantity            Price

2014                 10                3.2                                  7                       2.0                               3                        3.0

2015                  11                4.5                                  9                       2.5                                5                        2.5 

(a).  Calculate the nominal GDP for both years.

(b). Calculate real GDP for both years.

(c). Calculate the nominal and real growth rates.

(d). If the basket only contains Good B and C.  Calculate the CPI for both years.  Find the inflation rate for 2015.

Reference no: EM133063175

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