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Question: Using the following data, calculate nominal GDP and real GDP for Years 1 and 2. Assume that Year 1 is the base year. Year 1 2 Goody’s Powder P Q 50 55 RC Cola P $0.50 200 Moon Pies P Q $0.75 120 $2.25 $0.60 190 $0.70 150 $2.40 Q Also, calculate the GDP deflator for Years 1 and 2. Include all answers in your reply below.
Using the following data, calculate nominal GDP and real GDP for Years 1 and 2. Assume that Year 1 is the base year. Year 1 2 Goody’s Powder P Q 50 55 RC Cola P $0.50 200 Moon Pies P Q $0.75 120 $2.25 $0.60 190 $0.70 150 $2.40 Q Also, calculate the GDP deflator for Years 1 and 2. Include all answers in your reply below.
