The CPI for the year 2005 was 110 and the Nominal GDP for that year was $ 67,500 million. Determine the Real GDP for that year. The base year is 2002.
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- The GDP deflator for this year is calculated by dividing the using by the using and multiplying by 100. However, the CPI reflects only the prices of all goods and servicesNominal Year CPI Real GDP GDP 1980 $2857.31 82.38 1981 $3207.04 90.93 1982 $3343.79 96.55 1983 $3634.04 $3634.04 1984 103.93 $3884.93 In billions In billions Use the data above to figure out the missing information.2d. Calculate the GDP Deflator to the nearest tenth for 2014. 2e. What does your previous number mean? 2f. Calculate the CPI to the nearest tenth for 2014. (Use 2013 as the base year.)
- The CPI is used to measure the cost of a typical basket of goods. The typical household in the nation of Jaskson buys 4 loaves of bread, 3 pounds of cream cheese, and 8 books each week. The prices of these goods in years 2015-2017 are given the table below: Price of a Year loaf of bread 2015 $1 2016 $2 2017 $3 Price of a lb of cream cheese $3 $6 $6 Price of a book $10 $20 $25 • Calculate the CPI in 2015, using 2016 as the base year. (Enter your answer as an Integer)The following Table 2 gives the consumer price index from year 2012 to 2017. (i) Compute CPI for year 2015 by using year 2005 as the base year. (ii) Compute CPI for year 2012 by using year 2014 as the base year. (iii)Construct another index series using 2016 as the base year and interpret the index number for the year 2017.Use the concept of real and nominal GDP to compare the years 1980 (Nominal GDP was $2.863 Trillion) and 2017 (Nominal GDP was $19.49 Trillion). 1980 Consumer Price Index was 82.14 and 2017 Consumer Price Index was 246.6. The base year is 1982 - 1984 when the CPI would have been 100.
- The CPI was 218.1 in 2010 compared to 99.6 in 1983. Suppose that the price of a ticket at a local movie theater rose from $4 to $10 between 1983 and 2010. Did the real ticket price increase or decrease? Calculate the 1983 ticket price measured in 2010 dollars.Basket Items Unit $ per unit (2020) $ per unit (2021) $ per unit (2022) Cougar Tail 1 donut $5 $4.50 $4.25 Mint Brownie ½ sheet $29.98 $34.99 $39.99 Graham Canyon ice cream 5 quarts $14.99 $16.49 $17.99 Calculate the CPI for each year, using 2020 as the base year.-example of CPI in todays economy (2022) -exmaple of GPD in todays economy (2022)
- Year Income CPI 2012 2013 62,464 65,692 226.7 230.3 2014 2015 66,899 70,500 233.9 233.7 2016 72,904 236.9 Answer of the following questions using the data in the table above (Show the analysis): a) Provide the adjusted median incomes (convert to 2016 dollars) b) Calculate the mean of the nominal incomes c) Calculate the mean of the adjusted incomes d) Explain the importance of adjusting values for inflation (2-5 sentences)The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices of these products in 2018 and 2019 are shown in the table below. 2018 Price $5 Rice Pajamas Beer Total Quantity 460 160 95 Item Rice Pajamas Beer Total 15 Quantity 20 $ $ 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price Quantity 520 175 100 a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. 2019 $ $ Nominal GDP Real GDP b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 10 units each of beer and rice and 5 units of pajamas each year, complete the following table. 2018 Basket cost Price $5.7 14 23 2019 Price Answer to one decimal place. $ Real GDP 4Gross Domestic Product If nominal GDP in 2005 was $13095.4 billion and the GDP deflator (price index) was 100 what is the value of real GDP in 2005?