Suppose country produces only Calculators and Laptops. Table…

Suppose country produces only Calculators and Laptops. Table below shows the productions amount of Calculators and Laptops along with prices in each year. Assume base year is 2022. What is the real GDP in 2020? YEAR Price ofCalculators Quantity ofCalculators Price ofLaptops Quantity ofLaptops 2020 $100 500 $500 200 2021 $120 600 $550 220 2022 $125 650 $650 150

Suppose country produces only Calculators and Laptops. Table…

Suppose country produces only Calculators and Laptops. Table below shows the productions amount of Calculators and Laptops along with prices in each year. Assume base year is 2022. What is the inflation from 2020 to 2021 using the GDP deflator approach? YEAR Price ofCalculators Quantity ofCalculators Price ofLaptops Quantity ofLaptops 2020 $100 500 $500 200 2021 $120 600 $550 220 2022 $125 650 $650 150