A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: In Year 2, nominal GDP is equal to: $ and real GDP is $ Production and Prices in Year 1 (Base year) Quantity 105 550 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 131.25 825.00 Product Apple Pies Software $2.00 $50.00 Price Per Unit (enter both responses rounded to the nearest penny). $3.00 $100.00

A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: In Year 2, nominal GDP is equal to: $ and real GDP is $ Production and Prices in Year 1 (Base year) Quantity 105 550 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 131.25 825.00 Product Apple Pies Software $2.00 $50.00 Price Per Unit (enter both responses rounded to the nearest penny). $3.00 $100.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows:
In Year 2, nominal GDP is equal to: $ and real GDP is $
Production and Prices in Year 1 (Base year)
Quantity
105
550
Product
Apple Pies
Software
Price Per Unit
Production and Prices in Year 2
Quantity
131.25
825.00
Product
Apple Pies
Software
$2.00
$50.00
Price Per Unit
(enter both responses rounded to the nearest penny).
$3.00
$100.00

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