A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Pumpkin Pies Computer Games 110 800 Price Per Unit Production and Prices in Year 2 Product Quantity Pumpkin Pies 137.50 Computer Games 1,200.00 In Year 2, nominal GDP is equal to: $, and real GDP is $(enter both responses rounded to the nearest penny). $1.00 $45.00 Price Per Unit $1.50 $90.00

A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Pumpkin Pies Computer Games 110 800 Price Per Unit Production and Prices in Year 2 Product Quantity Pumpkin Pies 137.50 Computer Games 1,200.00 In Year 2, nominal GDP is equal to: $, and real GDP is $(enter both responses rounded to the nearest penny). $1.00 $45.00 Price Per Unit $1.50 $90.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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