Question: Q. 5. The table summarizes the output produced and their prices in a particular year: (3 marks) As an economic manager, evaluate the following questions:

Q. 5. The table summarizes the output produced and their prices in a particular year: (3 marks) As an economic manager, evaluate the following questions: a. Compute nominal GDP for the year 2000 and 2001 b. Assuming that the base year for the economy is 2000, compute real GDP for 2001 c. Calculate GDP Deflator for each year and state, how much inflation has been experienced between 2000 and 2001 Commodities x y z

price 10 5 8

quantity 10 8 5 year 2000

year 2001

price 15 7 5

quantity 8 8 10

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