Compute majulis nominal gdp in 2009 2010 and 2011 compute

Reference no: EM13396770

Majuli, the island country produces only lobsters and crabs. The following table gives the prices and quantities in 2009, 2010 and 2011.

GOODS	2009		2010		2011
	Price	Quantity	Price	Quantity	Price	Quantity
Lobster	20	1000	25	1100	30	1100
Crab	10	500	12	525	15	525

a) Calculate Majuli's Nominal GDP in 2009, 2010, and 2011.

b) Calculate real GDP and GDP Deflator in 2009, 2010, and 2011, taking 2009 as the base year.

c) What can you say about the growth of quantity and prices in 2010 and 2011 from your calculations of real GDP and GDP deflator? Calculate the growth rates to answer this question.

Reference no: EM13396770

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