Question: Using the data from the table below, answer the following questions using 2012 prices. Part 2 Quantities Produced Prices CDs Tennis Rackets Price per CD

Using the data from the table below, answer the following questions using 2012 prices. Part 2

Quantities Produced

Prices

CDs

Tennis Rackets

Price per CD

Price per Tennis Racket

2011

110

200

$21

$100

2012

125

225

$26

$130

Part 3: Real GDP in 2011 using 2012 prices is $ (enter your response here.) (Enter your response as an integer.)

Part 4: Real GDP in 2012 using 2012 prices is $ (enter your response here.) (Enter your response as an integer.)

Part 5: Real GDP grew by (enter your response here) percent (Enter your response rounded to two decimal places.)

Part 6: The price index for GDP for 2012 using 2012 as the base year is (enter your response here.)

(Enter your response rounded to two decimal places.)

Part 7: Prices increased by (enter your response here) percent. (Enter your response rounded to two decimal places.)

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