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# A simple economy produces two goods, Apple Pies and Technical Manuals Price and quantity data are as follows:

A simple economy produces two​ goods, Apple Pies and Technical Manuals Price and quantity data are as​ follows:

Production and Prices in Year 1​ (Base year)

Product Quantity Price Per Unit

Apple pies 120 \$2.50

Technical Manuals 700 \$50.00

Production and Prices in Year 2

Product Quantity Price Per Unit

Apple pies 150.00 \$3.75

Technical Manuals 1,050.00 \$100.00

In Year​ 2, nominal GDP is equal​ to: ​\$ ?

and real GDP is ​\$ ?

(enter both responses rounded to the nearest penny​).

Nominal GDP = Quantity of the current year* The Price of the current year Real GDP = Quantity of... View the full answer

The nominal GDP in year 2 is equal to 3.75 ^150 + 100 ^ 1050 =562.5 +... View the full answer

• Thank you
• Blackjoker
• May 14, 2018 at 2:56pm
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• darshakchowdary
• May 14, 2018 at 3:14pm

Nominal GDP in year 2 is... View the full answer

Nominal GDP in Year 2 =... View the full answer

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