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Assume that an economy is composed of two products, X and Y, with the following details: Product Quantity Produced in 2012 Quantity Produced in 2013 Product Unit Prices in 2012 Product Unit Prices in 2013 X 351.0 352.0 13.3 13.8 Y 179.0 182.5 unknown 11.1 Assuming 2012 is the base year for measuring GDP and the GDP deflator for the economy in 2013 is 102.4, the unit price of Y in 2012 is closest to:

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Answer:

$11.2

Explanation:

Calculation to determine what the unit price of Y in 2012 is closest to

Using this formula

GDP deflator = nominal GDP / real GDP

First step is to calculate the Nominal GDP 2013 using 2013 price

Nominal GDP 2013= (13.8 *352) + (11.1 *182.5)

Nominal GDP 2013= 4857.6 + 2025.75

Nominal GDP 2013 = 6883.35

Second step is to calculate Real GDP 2013 using 2012 price

Real GDP 2013= (13.3* 352) + (Pa 182.5)

Real GDP 2013= 4681.6 + 182.5(Pa)

Now let what the unit price of Y in 2012 is closest to:

102.4% = 6883.35 / (4681.6 + 182.5Pa)

Pa =$ 11.18

Pa=$11.2 (Approximately)

Therefore the unit price of Y in 2012 is closest to:$11.2

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