Question

The next table provides data on prices and output in some artificial economy for the years...

The next table provides data on prices and output in some artificial economy for the years 2000 - 2003. The goods are labeled 1 and 2.

Year P1 Q1 P2 Q2
2000 10 91 14 50
2001 12 92 16 51
2002 14 93 18 52
2003 16 94 20 53

Construct the series of Nominal GDP, real GDP , GDP Deflator (P), growth rate of P (i.e., inflation rate π) using the base year approach, when the base year is 2000. In other words, complete the table below.

Year P1 Q1 P2 Q2 NGDP RGDP P π
2000 10 91 14 50
2001 12 92 16 51
2002 14 93 18 52
2003 16 94 20 53
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