Business, 17.10.2019 20:30, gabe2075

Suppose the economy has only the following three goods: year good price quantity 2014 ice cream cones $2.50 1,000 hot dogs $1.25 500 surfboards $100.00 10 2015 ice cream cones $3.50 800 hot dogs $2.25 400 surfboards $100.00 14 calculate nominal gdp for 2014 and 2015. calculate the percentage change in gdp from 2014 to 2015, first using 2014 prices and then using 2015 prices. calculate the percentage change in real gdp from 2014 to 2015, using your answers from part (b). what is the gdp deflator for 2015 if it equals 1.0 in 2014?

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Suppose the economy has only the following three goods: year good price quantity 2014 ice cream con...