In Maryland, the following goods are produced domestically– bread and clothes. The fixed market bundle of a typical family is 30 breads and 20 clothes. Consider 2017 as the base year.

Prices		Quantity
Bread	Clothes	Bread	Clothes
2017	$50	$100	30	20
2018	$40	$110	35	30
2019	$55	$120	40	40

Calculate Inflation using the GDP Deflator

Calculate Inflation using CPI

Calculate percentage change in Nominal GDP and Real GDP between 2018 and 2019. In which of these two years did economic well-being rise more?

The New York Times cost $2.14 in 1970 and $20.42 in 2009. The CPI in 1990 was 150.2 and in 2009 was 214.5. Using this data, show in percentage terms the real increase or decrease in price.