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Posted: **Thu May 19, 2022 10:50 am**

: Part 2 Short Answer Questions Show All Your Work 15 Points 1 Suppose An Economy Produces Only Potatoes Wheat And 1 (19.22 KiB) Viewed 57 times

: Part 2 Short Answer Questions Show All Your Work 15 Points 1 Suppose An Economy Produces Only Potatoes Wheat And 2 (5.34 KiB) Viewed 57 times

: Part 2 Short Answer Questions Show All Your Work 15 Points 1 Suppose An Economy Produces Only Potatoes Wheat And 3 (5.34 KiB) Viewed 57 times

Part 2: Short Answer Questions (Show all your work) [15 points] 1. Suppose an economy produces only potatoes, wheat, and rice. In 2021, 30 bushels of potatoes are kold at 56 per bushel, 30 bushels of wheat are sold at $5 per bushel, and 15 bushels of rice are sold at S6 per bushel. In 2020 (the base year), 30 bushels of potatoes are sold at $7 per bushel, 35 bushels of wheat are sold at $5.5 per bushel, and 12 bushels of rice are sold at $6 per bushel. Calculate [6 points) The Real GDP of 2020 and 2021 . b. GDP Deflator of 2021
C2021 Inflation rate using the CPI. Use 2021 quantities as the fixed CPI basket.