5 The following are the products and prices of a hypothetical economy: Quantities Produced Prices Phones Tennis Racquets Phones Tennis Racquets Year 2004 100 200 20 110 Year 2005 120 210 22 120 1. Calculate real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? 2. Calculate the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?

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