A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows:Production and Prices in Year 1 (Base year)Quantity115600ProductApple PiesSoftwarePrice Per UnitProduction and Prices in Year 2Quantity143.75900.00ProductApple PiesSoftwareIn Year 2, nominal GDP is equal to: $ and real GDP is $$2.50$60.00Price Per Unit$3.75$120.00(enter both responses rounded to the nearest penny).

GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…

A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 115 600 Product Apple Pies Software Production and Prices in Year 2 Quantity 143.75 900.00 Product Apple Pies Software In Year 2, nominal GDP is equal to: $ Price Per Unit $2.50 $60.00 Price Per Unit $3.75 $120.00 and real GDP is $ (enter both responses rounded to the nearest penny).

A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 115 600 Product Apple Pies Software Production and Prices in Year 2 Quantity 143.75 900.00 Product Apple Pies Software In Year 2, nominal GDP is equal to: $ Price Per Unit $2.50 $60.00 Price Per Unit $3.75 $120.00 and real GDP is $ (enter both responses rounded to the nearest penny).

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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