please help with 5 are labeled with question marks Compul po

please help with #5

are labeled with question marks. Compul positions 4. National aceoumin nese and boomerangs. The prices and quantities of these goods in two jorane years are reported in the table below. Fill in the missing entries. 57 National accounting over time (): Consider an economy that produces Percentage change 2020-2021 2020 100 20 2021 105 1.10 Quantity of oranges Quantity of boomerangs Price of oranges (dollars) Price of boomerangs (dollars) Nominal GDP Real GDP in 2020 prices Real GDP in 2021 prices Real GDP in chained prices, benchmarked to 2021 3.10 Inflation in the orange and boomerang economy: Consider the economy from exercise 4. Calculate the inflation rate for the 2020-2021 period using the GDP deflator based on the Laspeyres, Paasche, and chain-weighted indexes of GDP

Solution

2020

2021

Percentage change

Quantity of oranges

100

105

5/100*100=5

Quantity of boomerang

20

22

2/20*100=10

Price of oranges

1

1.10

.10/1*100=10

Price of boomerang

3

3.10

.10/3*100=3.33

Nominal gdp

100*1+20*3=160

105*1.10+22*3.10=183.7

23.7/160*100=14.8125

Real gdp 2020 price

100*1+20*3=160

105*1+22*3=171

11/160*100=6.875

Real gdp 2021

100*1.10+20*3.10=172

105*1.10+22*3.10=183

11/172*100=6.395

Real gdp in chained price benchmarked to 2021

100*1.10+20*3.10=172

105*1.10+22*3.10=183

11/172*100=6.395

Note-since boomerang and orange are not substitute therefore change in pattern in expenditure is not considered while calculating Real gdp in chained price benchmarked to 2021

	2020	2021	Percentage change
Quantity of oranges	100	105	5/100*100=5
Quantity of boomerang	20	22	2/20*100=10
Price of oranges	1	1.10	.10/1*100=10
Price of boomerang	3	3.10	.10/3*100=3.33
Nominal gdp	100*1+20*3=160	105*1.10+22*3.10=183.7	23.7/160*100=14.8125
Real gdp 2020 price	100*1+20*3=160	105*1+22*3=171	11/160*100=6.875
Real gdp 2021	100*1.10+20*3.10=172	105*1.10+22*3.10=183	11/172*100=6.395
Real gdp in chained price benchmarked to 2021	100*1.10+20*3.10=172	105*1.10+22*3.10=183	11/172*100=6.395