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Essay

$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Table 2.5
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ 2012 $\quad$$\quad$ 2013
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ Quantity Price $\quad$ Quantity Price
$$\begin{array} { | l | c | c | c | c | } \hline \text { Pineapples } & 20 & \$ 0.50 & 25 & \$ 0.55 \\\hline \text { Milkshakes } & 70 & 1.50 & 90 & 1.75 \\\hline \text { Lipstick } & 20 & 2.00 & 30 & 2.25 \\\hline \text { Bookmarks } & 35 & 0.75 & 35 & 1.00 \\\hline\end{array}$$
Table 2.5 gives quantities and prices for each good produced in a simple economy in 2012 and 2013.
-Refer to Figure 2.5.Calculate nominal and real GDP for 2012 and 2013.Assume 2012 is the base year.What is the value of the GDP deflator for 2012 and for 2013?