A Study of Short-run Consumption Function and its Modification with Some Spec...iosrjce
Consumption function shows the relationship between a nation’s income and consumption and it is
imperative in macroeconomics. The present study is causal in nature. The study is based on secondary data
sources especially absolute income theory of consumption under the Keynes’s short-run consumption function
and psychological law of consumption. This paper is an endeavor to study the Keynes’s short-run consumption
function (SCFk) with some special assumptions that SCFk
is misleading to formulate the macroeconomic
policies. This study has developed a modified short-run consumption function (SCFm) with some special
assumptions. The SCFm shows that total consumption is lower than the total consumption by SCFk
. So, the
saving derived from SCFm is higher than the saving derived from SCFk
. This study constructs that under some
special assumption, SCFm helps to calculate the exact amount of consumption, saving, investment to formulate
macroeconomic policy (policies) properly which has great impact in macroeconomics.
A Study of Short-run Consumption Function and its Modification with Some Spec...iosrjce
Consumption function shows the relationship between a nation’s income and consumption and it is
imperative in macroeconomics. The present study is causal in nature. The study is based on secondary data
sources especially absolute income theory of consumption under the Keynes’s short-run consumption function
and psychological law of consumption. This paper is an endeavor to study the Keynes’s short-run consumption
function (SCFk) with some special assumptions that SCFk
is misleading to formulate the macroeconomic
policies. This study has developed a modified short-run consumption function (SCFm) with some special
assumptions. The SCFm shows that total consumption is lower than the total consumption by SCFk
. So, the
saving derived from SCFm is higher than the saving derived from SCFk
. This study constructs that under some
special assumption, SCFm helps to calculate the exact amount of consumption, saving, investment to formulate
macroeconomic policy (policies) properly which has great impact in macroeconomics.
Employment & Unemployment - How they are measuredHugo OGrady
Employment & Unemployment - How they are measured content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Intro to Employment & Unemployment
Measures of Unemployment – The Claimant Count
Measures of Unemployment – The ILO LFS
Quirks of Employment and Unemployment Rates & Immigration
This quick tour shows you how we set up and use the Sample Home Budget Workbook.I hope you enjoy it and add your own spin as you make your personal budget fit your own needs.
Employment & Unemployment - How they are measuredHugo OGrady
Employment & Unemployment - How they are measured content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Intro to Employment & Unemployment
Measures of Unemployment – The Claimant Count
Measures of Unemployment – The ILO LFS
Quirks of Employment and Unemployment Rates & Immigration
This quick tour shows you how we set up and use the Sample Home Budget Workbook.I hope you enjoy it and add your own spin as you make your personal budget fit your own needs.
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Due to their ability to produce engaging content more quickly, over-the-top (OTT) app builders have made the process of creating video applications more accessible. The invitation to explore these platforms emphasizes how over-the-top (OTT) applications hold the potential to transform digital entertainment.
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Today's fast-paced environment worries companies of all sizes about efficiency and security. Businesses are constantly looking for new and better solutions to solve their problems, whether it's data security or facility access. RFID for access control technologies have revolutionized this.
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Tom Selleck Net Worth: A Comprehensive Analysisgreendigital
Over several decades, Tom Selleck, a name synonymous with charisma. From his iconic role as Thomas Magnum in the television series "Magnum, P.I." to his enduring presence in "Blue Bloods," Selleck has captivated audiences with his versatility and charm. As a result, "Tom Selleck net worth" has become a topic of great interest among fans. and financial enthusiasts alike. This article delves deep into Tom Selleck's wealth, exploring his career, assets, endorsements. and business ventures that contribute to his impressive economic standing.
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Early Life and Career Beginnings
The Foundation of Tom Selleck's Wealth
Born on January 29, 1945, in Detroit, Michigan, Tom Selleck grew up in Sherman Oaks, California. His journey towards building a large net worth began with humble origins. , Selleck pursued a business administration degree at the University of Southern California (USC) on a basketball scholarship. But, his interest shifted towards acting. leading him to study at the Hills Playhouse under Milton Katselas.
Minor roles in television and films marked Selleck's early career. He appeared in commercials and took on small parts in T.V. series such as "The Dating Game" and "Lancer." These initial steps, although modest. laid the groundwork for his future success and the growth of Tom Selleck net worth. Breakthrough with "Magnum, P.I."
The Role that Defined Tom Selleck's Career
Tom Selleck's breakthrough came with the role of Thomas Magnum in the CBS television series "Magnum, P.I." (1980-1988). This role made him a household name and boosted his net worth. The series' popularity resulted in Selleck earning large salaries. leading to financial stability and increased recognition in Hollywood.
"Magnum P.I." garnered high ratings and critical acclaim during its run. Selleck's portrayal of the charming and resourceful private investigator resonated with audiences. making him one of the most beloved television actors of the 1980s. The success of "Magnum P.I." played a pivotal role in shaping Tom Selleck net worth, establishing him as a major star.
Film Career and Diversification
Expanding Tom Selleck's Financial Portfolio
While "Magnum, P.I." was a cornerstone of Selleck's career, he did not limit himself to television. He ventured into films, further enhancing Tom Selleck net worth. His filmography includes notable movies such as "Three Men and a Baby" (1987). which became the highest-grossing film of the year, and its sequel, "Three Men and a Little Lady" (1990). These box office successes contributed to his wealth.
Selleck's versatility allowed him to transition between genres. from comedies like "Mr. Baseball" (1992) to westerns such as "Quigley Down Under" (1990). This diversification showcased his acting range. and provided many income streams, reinforcing Tom Selleck net worth.
Television Resurgence with "Blue Bloods"
Sustaining Wealth through Consistent Success
In 2010, Tom Selleck began starring as Frank Reagan i
Young Tom Selleck: A Journey Through His Early Years and Rise to Stardomgreendigital
Introduction
When one thinks of Hollywood legends, Tom Selleck is a name that comes to mind. Known for his charming smile, rugged good looks. and the iconic mustache that has become synonymous with his persona. Tom Selleck has had a prolific career spanning decades. But, the journey of young Tom Selleck, from his early years to becoming a household name. is a story filled with determination, talent, and a touch of luck. This article delves into young Tom Selleck's life, background, early struggles. and pivotal moments that led to his rise in Hollywood.
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Early Life and Background
Family Roots and Childhood
Thomas William Selleck was born in Detroit, Michigan, on January 29, 1945. He was the second of four children in a close-knit family. His father, Robert Dean Selleck, was a real estate investor and executive. while his mother, Martha Selleck, was a homemaker. The Selleck family relocated to Sherman Oaks, California. when Tom was a child, setting the stage for his future in the entertainment industry.
Education and Early Interests
Growing up, young Tom Selleck was an active and athletic child. He attended Grant High School in Van Nuys, California. where he excelled in sports, particularly basketball. His tall and athletic build made him a standout player, and he earned a basketball scholarship to the University of Southern California (U.S.C.). While at U.S.C., Selleck studied business administration. but his interests shifted toward acting.
Discovery of Acting Passion
Tom Selleck's journey into acting was serendipitous. During his time at U.S.C., a drama coach encouraged him to try acting. This nudge led him to join the Hills Playhouse, where he began honing his craft. Transitioning from an aspiring athlete to an actor took time. but young Tom Selleck became drawn to the performance world.
Early Career Struggles
Breaking Into the Industry
The path to stardom was a challenging one for young Tom Selleck. Like many aspiring actors, he faced many rejections and struggled to find steady work. A series of minor roles and guest appearances on television shows marked his early career. In 1965, he debuted on the syndicated show "The Dating Game." which gave him some exposure but did not lead to immediate success.
The Commercial Breakthrough
During the late 1960s and early 1970s, Selleck began appearing in television commercials. His rugged good looks and charismatic presence made him a popular brand choice. He starred in advertisements for Pepsi-Cola, Revlon, and Close-Up toothpaste. These commercials provided financial stability and helped him gain visibility in the industry.
Struggling Actor in Hollywood
Despite his success in commercials. breaking into large acting roles remained a challenge for young Tom Selleck. He auditioned and took on small parts in T.V. shows and movies. Some of his early television appearances included roles in popular series like Lancer, The F.B.I., and Bracken's World. But, it would take a
Matt Rife Cancels Shows Due to Health Concerns, Reschedules Tour Dates.pdfAzura Everhart
Matt Rife's comedy tour took an unexpected turn. He had to cancel his Bloomington show due to a last-minute medical emergency. Fans in Chicago will also have to wait a bit longer for their laughs, as his shows there are postponed. Rife apologized and assured fans he'd be back on stage soon.
https://www.theurbancrews.com/celeb/matt-rife-cancels-bloomington-show/
Meet Dinah Mattingly – Larry Bird’s Partner in Life and Loveget joys
Get an intimate look at Dinah Mattingly’s life alongside NBA icon Larry Bird. From their humble beginnings to their life today, discover the love and partnership that have defined their relationship.
Orpah Winfrey Dwayne Johnson: Titans of Influence and Inspirationgreendigital
Introduction
In the realm of entertainment, few names resonate as Orpah Winfrey Dwayne Johnson. Both figures have carved unique paths in the industry. achieving unparalleled success and becoming iconic symbols of perseverance, resilience, and inspiration. This article delves into the lives, careers. and enduring legacies of Orpah Winfrey Dwayne Johnson. exploring how their journeys intersect and what we can learn from their remarkable stories.
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Early Life and Backgrounds
Orpah Winfrey: From Humble Beginnings to Media Mogul
Orpah Winfrey, often known as Oprah due to a misspelling on her birth certificate. was born on January 29, 1954, in Kosciusko, Mississippi. Raised in poverty by her grandmother, Winfrey's early life was marked by hardship and adversity. Despite these challenges. she demonstrated a keen intellect and an early talent for public speaking.
Winfrey's journey to success began with a scholarship to Tennessee State University. where she studied communication. Her first job in media was as a co-anchor for the local evening news in Nashville. This role paved the way for her eventual transition to talk show hosting. where she found her true calling.
Dwayne Johnson: From Wrestling Royalty to Hollywood Superstar
Dwayne Johnson, also known by his ring name "The Rock," was born on May 2, 1972, in Hayward, California. He comes from a family of professional wrestlers, with both his father, Rocky Johnson. and his grandfather, Peter Maivia, being notable figures in the wrestling world. Johnson's early life was spent moving between New Zealand and the United States. experiencing a variety of cultural influences.
Before entering the world of professional wrestling. Johnson had aspirations of becoming a professional football player. He played college football at the University of Miami. where he was part of a national championship team. But, injuries curtailed his football career, leading him to follow in his family's footsteps and enter the wrestling ring.
Career Milestones
Orpah Winfrey: The Queen of All Media
Winfrey's career breakthrough came in 1986 when she launched "The Oprah Winfrey Show." The show became a cultural phenomenon. drawing millions of viewers daily and earning many awards. Winfrey's empathetic and candid interviewing style resonated with audiences. helping her tackle diverse and often challenging topics.
Beyond her talk show, Winfrey expanded her empire to include the creation of Harpo Productions. a multimedia production company. She also launched "O, The Oprah Magazine" and OWN: Oprah Winfrey Network, further solidifying her status as a media mogul.
Dwayne Johnson: From The Ring to The Big Screen
Dwayne Johnson's wrestling career took off in the late 1990s. when he became one of the most charismatic and popular figures in WWE. His larger-than-life persona and catchphrases endeared him to fans. making him a household name. But, Johnson had ambitions beyond the wrestling ring.
In the early 20
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Ap macro sec 03 mod 10 15 measurement of economic performance
1.
2. Question Words to Look For
If a question asks you to IDENTIFY, you need one short
phrase.
The word ILLUSTRATE requires a graph.
If asked to DEFINE a concept devote more time.
If asked to INDICATE, say what is expected to happen.
For example: if the FED sells bonds interest rates will
increase.
The most time-intensive prompt involves EXPLAIN.
If told the Peso is appreciating and are asked to explain
how this will impact prices in the U.S. your response
must clearly state what will happen and why.
BECAUSE:
3. Section 03: Measurement of
Economic Performance
• Module 10: Circular Flow and GDP
• Module 11: Real GDP
• Module 12: Calculating Unemployment
• Module 13: Categories of Unemployment
• Module 14: Inflation
• Module 15: Measuring & Calculating Inflation
4. Sec 03
Measure of
Economic
Performance:
Vocab
• Gross Domestic
Product
• Business Cycle
• Frictional
Unemployment
• Structural
Unemployment
• Cyclical
Unemployment
• Natural rate of
unemployment
• Nominal interest
rate
• Real interest
rate
• Inflation rate
• Transfer
Payments
• Intermediate
Goods
• Final Goods
5. Gross Domestic Product
Y = C + I + G + NX
• C = Consumer spending
• I = Investment spending
• G = Government Spending
• NX = Exports - Imports
10. Frictional
Unemployment
• Unemployment due to
movement from one job to
another.
– Graduating students until
they find work.
– Mothers who rejoin the
workforce.
• Frictional unemployment
isn't harmful BECAUSE
frictional unemployment
means workers are moving
to better jobs.
11. Structural
Unemployment
• Unemployment due to a
mismatch between the
economy and skills of workers:
• New Technology
– Makes jobs obsolete and
allows firms to produce with
fewer workers
• Global Competition
– Firms relocate factories to
nations with cheaper labor
13. Natural Rate of
Unemployment:
NRU
• A healthy economy will have
some unemployment at about 4%
Frictional + Structural = NRU
• If frictional = 2% and
structural = 2% the economy is
at the NRU.
• Any unemployment rate over
NRU means cyclical
unemployment and recession.
• Subtract 4% from the actual
unemployment rate to find the
cyclical rate.
15. Unemployment
Why is this
significant?
Unemployment Rate is an
indicator of the health of an
economy.
If unemployment is low, then
production is high, RGDP is
increasing & inflation is near.
If unemployment is high, then
production is low, GDP is
decreasing & recession is near.
16. Interest Rates
The price of money
Nominal Interest
Rate
• The advertised
price of a loan:
Real Interest Rate
•The actual price of
loan, adjusted for
inflation.
If a loan carries a nominal ir of 8%, but the
inflation rate is 5%, then the real ir is 3%.
Real ir = Nominal ir – Inflation
18. Inflation rate
• Inflation is the percentage increase in Price
Level from one year to another.
• Inflation shows how Price Level has risen or
the value of money has fallen.
• Inflation makes consumers poorer in real sense.
• Inflation is particularly bad for savers because
it erodes purchasing power.
Inflation =
Price Year 2 – Price Year 1
Price Year 1
x 100
19. Transfer
Payments
• Government benefits
– Social Security
– Welfare
– Farm subsidies
– Unemployment
• Transfer payments do
not add to GDP since GDP
measures production.
20. Intermediate Goods Final Goods
Goods used in the
production of final
goods.
• Final Goods are counted in RGDP,
intermediate goods are not.
Goods produced
and consumed by
households.
21. Sec 03
Measure of
Economic
Performance:
Vocab
• Gross Domestic
Product
• Business Cycle
• Frictional
Unemployment
• Structural
Unemployment
• Cyclical
Unemployment
• Natural rate of
unemployment
• Nominal interest
rate
• Real interest
rate
• Inflation rate
• Transfer
Payments
• Intermediate
Goods
• Final Goods
27. Circular Flow Model
Why is this
significant?
Illustrates the flow of
money, goods, wages,
rent, profit, land, labor,
capital & investment
between producers and
consumers.
28. Gross
Domestic
Product
• GDP tracks the size of
an economy.
• GDP represents the
market value of all
goods and services
produced in a year
within a country.
• Real GDP takes
inflation into account.
30. Per capita GDP 2015
Total
(Billions of $)
Per capita
(Dollars)
GDP (Y) $17,914 $51,486
Consumption 12,540 35,931
Investment 2,687 $7,700
Government
purchases
3,404 $9,753
Net Exports 900 $2,578
32. Calculating Nominal GDP
Year Price
of Hot
Dogs
Quantity
of Hot
Dogs
Price of
Burgers
Quantity of
Burgers
2001 $1 100 $2 50
2002 $2 150 $3 100
2003 $3 200 $4 150
Year Calculating Nominal GDP
2001 $1 per dog x 100 dogs + $2 per burger x 50 burgers = $200
2002 $2 per dog x 150 dogs + $3 per burger x 100 burgers = $600
2003 $3 per dog x 200 dogs + $4 per burger x 150 burgers = $1,200
NGDP increased for 2 reasons: Quantity increased, inflation
33. Calculating Real GDP
Year Price
of Hot
Dogs
Quantity
of Hot
Dogs
Price of
Burgers
Quantity of
Burgers
2001 $1 100 $2 50
2002 $2 150 $3 100
2003 $3 200 $4 150
Year Calculating Real GDP (Base year 2001)
2001 $1 per dog x 100 dogs + $2 per burger x 50 burgers = $200
2002 $1 per dog x 150 dogs + $2 per burger x 100 burgers = $350
2003 $1 per dog x 200 dogs + $2 per burger x 150 burgers = $500
RGDP increased for 1 reason: Quantity increased.
34. Real GPD
•Economists use Real GDP to
determine whether an economy is
really growing or if it just
inflation.
35. Find Nominal and Real GDP
a) Calculate NGDP for 2008.
b) Calculate RGDP for 2010 (2008 base year)
36. Answer
A. Nominal GDP 2008
• ($900 × 10) + ($10 × 100) + ($15 × 2)
• $9,000 + $1,000 + $30 = $10,030
B. Real GDP 2010 (2008 is Base Year)
• ($900 × 12) + ($10 × 110) + ($15 × 3)
• $10,800 + $1,100 + $45 = $11,945
39. Unemployment and Recession
•Its important to see the connection between
unemployment, recession and RGDP.
•If unemployment ↑ over NRU we are in
recession & RGDP ↓. Think in terms of
“pressure”.
•Think in terms of pressure.
•Higher unemployment puts negative
pressure on production. Less production
puts negative pressure on output so Real
GDP decreases.
40. FRQ: Labor Force: 6 pts
1. Assume the following
a) Adult population: 205.2 million
b) Employed: 131.5 Million
c) Unemployed: 6.2 Million
2. What is the labor force and how is it
measured?
3. What is the unemployment rate and how is it
measured?
4. What is the Labor-Force Participation Rate and
how is it measured?
45. Modules 14/15 Inflation
• Inflation refers to an increase in the
aggregate price level across an economy over a
sustained period.
• PL Year 2 refers to the Aggregate Price
Level of the more recent year
• PL Year 1 refers to the Aggregate Price
Level of the base year.
48. Another way to think about Inflation
• Joe borrows $1,000 for one year at 5%
interest. Neither Joe or the bank
anticipate inflation but there is an
unexpected inflation rate of 4%.
a) What was the real interest on the loan?
b) Who lost as a result of the loan, the
lender or the borrower? Explain.
49. Answer
a) What was the real interest rate?
• The real interest rate is 1%
b) Who lost as a result of the loan?
•The lender lost BECAUSE unexpected
inflation means the bank is being paid
back with money that is worth less
than expected.
50. Two Ways to Measure Inflation
GDP Deflator
Consumer
Price Index:
(CPI)
51. GDP Deflator
• The deflator solves for inflation by comparing
current prices to prices in a base year.
– If NGDP was $10 million in 2020 and $12
million in 2021
• Then NGDP grew by 20%.
– If prices rose by 10% during that time the
$12 million NGDP is inflated.
– The real economy only grew by 10% and RGDP
for 2021 is $11 million.
52. GDP Deflator = (NGDP/RGDP)100
• In this example, I’m giving you the two GDPs
you need:
• NGDP 2021 = $10
• RGDP 2021 = $8
• GDP Deflator = ____________
• Price level increased by: _____
53. GDP Deflator = (NGDP/RGDP)100
• Example:
• NGDP 2021 = $10
• RGDP 2021 = $8
• GDP Deflator = ($10/$8) x 100 = 125
• Price level increased by 25%.
54. Find GDP Deflator for each Year
Year NGDP RGDP GDP
Deflator
2015 75,000 75,000
2016 88,700 85,000
2017 101,600 88,000
GDP Deflator = (NGDP/RGDP)100
61. Answer
• 2021 basket =$1020
• 2020 basket = $950
• CPI = $1020/$950
• CPI = 1.07
• Multiply by 100 to get 107%
• Inflation = 7%
62. CPI Word Problem
Imagine a market basket of five sandwiches,
two magazines, and two jeans.
– In the base year, sandwiches cost $6,
magazines $4 each, and jeans $35.
– In the current year, sandwiches cost $7,
magazines $6, and jeans $45.
a) Find is the CPI?
63. Answer
a) Current prices = 5(7.00) + 2(6.00) +
2(45.00) = 137
b) Base prices = 5(6.00) + 2(4.00) +
2(35.00) = 108
c) CPI = (137 ÷ 108) × 100 = 127
64. Consumer Price Index (CPI)
• Find the CPI in 2017 using 2016 as the base year.
• Divide the price of the current year’s basket by
the base year’s basket.
(price of current basket/price of base basket) x100
(__ x __) + (__ x __) / (__ x __) + (__ x __)100
Year
s
Q of
Tea
Price of
tea
Q of Steak Price of
Steak
201
6
10 $4 5 $8
201
7
12 $6 8 $12
65. Consumer Price Index (CPI)
• CPI in 2017 with 2016 as base year.
(12 x $6) + (8 x $12) / (10 x $4) + (5 x $8)100
CPI = 210
Year
s
Q of
Tea
Price of
tea
Q of Steak Price of
Steak
201
6
10 $4 5 $8
201
7
12 $6 8 $12
66. CPI Limitations
1. Substitution bias
– Consumers switch to less expensive goods
2. New products
– Consumers switch to newer goods
3. Changes in quality
– Price stays the same but goods get better.
67. GDP Deflator v. CPI
• The deflator
Compares APL and
measures the
combined price of
ALL final goods.
• CPI is a measure of
two baskets with
different prices and
is a better
reflection of the
cost of living.
GDP Deflator = (NGDP/RGDP)100
69. Review: Supply and Demand
• Graph each
situation:
• Increase
price of X
• Increase QD
of X
• Decrease QS
of X
70. FRQ Sec 01 Mod 01
Absolute & Comparative Advantage
Countries A & B produce two goods: cheese and
fish. The table summarizes productivity for
each country and commodity
Fish Cheese
(kg)
County
A
80 40
County
B
100 20
a)Which country has the absolute advantage in fish?
b)Draw a PPC for both countries. Place Fish vertical & Cheese
horizontal. Label each country’s curve.
c)Calculate opportunity cost of Country A to produce 1 unit (kg) of
cheese.
d)Calculate opportunity cost of Country B to produce 1 unit (kg) of
cheese.
e)Which country has the comparative advantage in producing cheese?
Explain.
f)What is an acceptable term of trade for cheese?
71. • COUNTY B has an
absolute advantage in the
production of fish
• In Country A the opportunity cost to produce 1 unit of
cheese is 2 fish: 80f = 40c 80/40 = 40/40 2f = 1c
• In County B the opportunity cost to produce 1 unit of
cheese is 5 fish: 100f = 20c 100/20 = 20/20 5f = 1c
• County A has comparative advantage in cheese
BECAUSE 2 < 5
• Acceptable term of trade for cheese is 2 ≤ x ≤ 5
Editor's Notes
2.7 Business Cycle Unit Summary
What would reduce the NRU?
Reduce collective bargaining power to make it easier to hire and fire people.
Reduce the barriers to mobility to make it easier for workers to move in search of new jobs.
What would increase the NRU?
A rise in unemployment caused by a recession may cause the NRU to increase because when workers are unemployed for a long period they become deskilled & demotivated.
Real interest rate = Nominal interest rate – Inflation
Spending and Revenue flow to firms
Goods and services flow to firms.
Labor, land and capital flow to firms
Wages, rent and profit flow to households
We sometimes see this as
Y = C + I + G + NX
Y being GDP
NX being X - IM
2 min
Output has grown by 3% per year.
Real GDP has tripled.
But the growth of GDP has been interrupted by recessions marked with the pink vertical bars.
The real interest rate is 1%
The lender lost because unexpected inflation means the bank is being paid back with money that is worth less than expected.
The GDP price deflator shows how much prices have inflated. This is important because, NGDP numbers can give a deceptive result that do not take inflation into account.
RGDP 2017 = $2 x 150,000 + $1 x 230,00 = $530,000
NGDP 2017 = $4 x 150,000 + $3 x 230,000 = $1,290,000
GDP Deflator = (129,000/530,000) x 100
GDP Deflator = 243.4
Inflation rate = 143.4%
CPI = (basket: current prices ÷ basket: base prices) × 100