Homework Answers
1st Q). Cost of basket in 2018 = 20*3 + 22*10 + 40*3 = 400
Cost of basket in 2019 (unchanged quantity) = 20*4 + 22*11 + 40*4 = 482
CPI 2018 = 100
CPI 2019 = 482/400 = 120.50
Inflation = 20.5%
Select 21%
2nd Q) Nominal GDP 2018 = Real GDP 2018 = 20*3 + 22*10 + 40*3 = 400
Real GDP 2019 (unchanged price) = 20*3 + 25*10 + 35*3 = 415
GDP deflator 2018 = 100
GDP deflator 2019 = 415/400 = 103.75
Inflation rate = 3.75%
Select 4%
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