may very well rise if we assume the fathers and the children enjoy the extra time they are spending together.
8. Consider an economy that produces and consumes hot dogs and hamburgers. In the following table are data for two different years.a. Using 2010 as the base year, compute the following statistics for each year: nominal GDP, real GDP, the GDP deflator, and the CPI (for the CPI, assume the quantities in 2010 are the fixed basket of goods). b. By what percentage did prices rise between 2010 and 2015? Give the answer for each of the two measures of the overall price level. Compare the answers given by using the GDP deflator and CPI price indexes and explain the difference. GoodQuantity 2010Price 2010Quantity 2015Price 2015Hot dogs200$2250$4Hamburgers200$3500$4