Question: ASAP Macmillan Learning Use the information below to calculate the GDP Deflator for both years and the inflation rate. The base year is 1970. Assume

ASAP

Macmillan Learning Use the information below to calculate the GDP Deflator for both years and the inflation rate. The base year is 1970. Assume that there are only 3 goods in the economy: eggs, calculators, and microwave ovens. Market Basket 1970 Prices 1975 Quantity 1975 Prices 1976 Quantity 1976 Prices Dozen Eggs $0.20 24 $0.50 25 $0.80 Calculator $18.00 13 $13.50 17 $15.50 Microwave $110.00 2 $150.00 8 $150.00 Please enter all answers to one decimal place. What is the GDP deflator for 1975? GDP deflator: What is the GDP deflator for 1976?

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