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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​).

Top Answer

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

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Other Answers

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

2 comments
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    • 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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