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The country of Caspir produces only cereal and milk. Quantities and prices of these goods...

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Question

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

  1. Refer to Table 2. For 2010, calculate the (1) real GDP and (2) the GDP Deflator.

  1. Refer to Table 2. For 2011, calculate the (1) real GDP and (2) the GDP Deflator.

  1. Refer to Table 2. Calculate the countrys inflation rate from 2010 to 2011.

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