The country of Caspir produces only cereal and milk. Quantities and prices of these goods...
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Accounting
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008.
Prices and Quantities
Year
Price of Cereal
Quantity of Cereal
Price of Milk
Quantity of
Milk
2008
$4.00
1000
$1.50
1110
2009
$4.00
1500
$2.00
1290
2010
$5.00
1600
$2.50
2020
2011
$6.00
1500
$3.50
2200
Refer to Table 2. For 2010, calculate the (1) real GDP and (2) the GDP Deflator.
Refer to Table 2. For 2011, calculate the (1) real GDP and (2) the GDP Deflator.
Refer to Table 2. Calculate the countrys inflation rate from 2010 to 2011.
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