Question:

Help calculating nominal gdp, real gdp, gdp deflator, and inflation rates using 1994 as base year?

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a hypothetical economy produces two goods - bread and haircuts with data from 1992-1995.

price per haircut quantity of haircuts

1992 $9 21

1993 $9.50 22

1994 $10 25

1995 $12 26

price per bread quantity of breads

1992 $0.90 200

1993 $0.95 220

1994 $1.00 150

1995 $1.05 260

thanks in advance for any help you can give, :)

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1 ANSWERS


  1. NGDP - nominal GDP

    RGDP - real GDP (base=1994)

    Inflation is change in price level comparing to previous period.

    Year.NGDP..RGDP .Deflator..Inflation %

    1992....369....410 .....92.25.......x*x

    1993....418....440 ....104.50....13.279

    1994....400....400 ....100.00....-4.306

    1995....585....520 ....146.25....46.250

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