Consider an economy that produces and consumes hot dogs and, Business Economics

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Consider an economy that produces and consumes hot dogs and

Consider an economy that produces and consumes hot dogs and coca cola. The table below provides the price and quantity data for hot dogs and coca cola for two years, 2005 and 2010.

2005 2010

quantity price quantity price

hot dogs 400 $2 500 $2.75

Coca Cola 600 $1 750 $1.25

Using 2005 as the base year, compute nominal GDP, real GDP, the GDP deflator and fixed weight CPI index. Also, what percentage did GDP deflator and CPI index rise between 2005 and 2010?

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Business Economics: Consider an economy that produces and consumes hot dogs and

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Business Economics: Consider an economy that produces and consumes hot dogs and

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