Compute nominal gdp and real gdp also the gdp deflator

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Reference no: EM1320280

Q. Can you please answer this question for me? Thank you so much in advance!

Below are some data from the land of milk also honey.

Year price of milk quantity of milk price of honey quantity of honey
2010 $1 100 quarts $2 50 quarts
2011 $1 200 quarts $2 100 quarts
2012 $2 200 quarts $4 100 quarts

a. Compute nominal GDP, real GDP also the GDP deflator for each year, using 20010 as the base year.

b. Compute the percentage change in nominal GDP, real GDP also the GDP deflator in 2011 also 2012 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense.

c. Did economic well-being rise more in 2011 or 2012. Explain.

Reference no: EM1320280

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