Question: Quantity 2016 | Price 2016 | Quantity 2017 | Price 2017 | Quantity 2018 | Price 2018 Apples Oranges Grapefruit 600 1 650 2

ApplesOrangesGrapefruitQuantity 2016600800Price 2016 Quantity 2017165018802120Price 2017234Quantity 2018 Pri

Quantity 2016 | Price 2016 | Quantity 2017 | Price 2017 | Quantity 2018 | Price 2018 Apples Oranges Grapefruit 600 1 650 2 640 4 800 1 880 3 860 100 2 120 4 125 Figure 1 5. (10 points) For the next two questions, refer to figure 1. (a) (5 points) Using prices in 2018 as a base year, calculate GDP deflator in 2017. (b) (5 points) Using output in 2018 as a consumer market basket, and 2016 as the base year, calculate the consumer price index in 2017. 5 points. 78

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