Majuli, the island country produces only lobsters and crabs. The following table gives the prices and quantities in 2009, 2010 and 2011.
|
GOODS
|
2009
|
2010
|
2011
|
|
|
Price
|
Quantity
|
Price
|
Quantity
|
Price
|
Quantity
|
|
Lobster
|
20
|
1000
|
25
|
1100
|
30
|
1100
|
|
Crab
|
10
|
500
|
12
|
525
|
15
|
525
|
a) Calculate Majuli's Nominal GDP in 2009, 2010, and 2011.
b) Calculate real GDP and GDP Deflator in 2009, 2010, and 2011, taking 2009 as the base year.
c) What can you say about the growth of quantity and prices in 2010 and 2011 from your calculations of real GDP and GDP deflator? Calculate the growth rates to answer this question.