Answer :
To calculate the real and nominal GDP and the inflation rate (IPD) for the second year, we would need the data in the table you mentioned.
Since you didn't provide the table or any specific information regarding the values for pigs, blankets, or their respective prices, I won't be able to perform the calculations for you.
However, I can guide you on how to calculate these values once you provide the necessary data.
1. Nominal GDP: Nominal GDP is the total value of goods and services produced in an economy at current market prices. To calculate the nominal GDP, multiply the quantity of each good by its respective price and sum up the values.
Nominal GDP = (Quantity of Pigs * Price of Pigs) + (Quantity of Blankets * Price of Blankets)
2. Real GDP: Real GDP is the total value of goods and services produced in an economy adjusted for inflation. To calculate the real GDP, you would need the quantity of each good produced in the current year and the price of each good in a base year. Multiply the quantity of each good by its respective base-year price and sum up the values.
Real GDP = (Quantity of Pigs * Base-year Price of Pigs) + (Quantity of Blankets * Base-year Price of Blankets)
3. Inflation Rate (IPD): The inflation rate measures the percentage change in the price level between two periods. To calculate the IPD, you need the price index for both years. The formula for calculating the IPD is as follows:
IPD = ((Price Index in Year 2 - Price Index in Year 1) / Price Index in Year 1) * 100
The price index can be calculated using the formula:
Price Index = (Current Price / Base-year Price) * 100
Once you provide the specific data from the table, I can assist you further in performing the calculations and obtaining the desired results.
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