Consider the data in the following table,which represents the total production of the country Tucommodatia.They produce only consumer goods.
(a)Calculate Real GDP for all three years.
(b)Calculate the Consumer Price Index (CPI),using 2007 as the base year.Identify whether or not there was inflation from the previous year.

Question

Consider the data in the following table,which represents the total production of the country Tucommodatia.They produce only consumer goods.  
(a)Calculate Real GDP for all three years.
(b)Calculate the Consumer Price Index (CPI),using 2007 as the base year.Identify whether or not there was inflation from the previous year.

Quizplus · Accepted Answer

The Answer of Consider the data in the following table,which represents the total production of the country Tucommodatia.They produce only consumer goods.  
(a)Calculate Real GDP for all three years.
(b)Calculate the Consumer Price Index (CPI),using 2007 as the base year.Identify whether or not there was inflation from the previous year.

Consider the Data in the Following Table,which Represents the Total