Again, please consider an economy with nominal output of $1000 and an average price level of $2. While velocity is constant at a level of 4, real output is growing at an annual rate of 2.8 percent and prices increase 1 percent per year. Calculate this economy's real output. We'll reuse this information in the next question once more. Enter only numbers and a decimal point as needed; round your answer to two decimal places as necessary.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Again, please consider an economy with nominal output of $1000 and an average price level
of $2. While velocity is constant at a level of 4, real output is growing at an annual rate of 2.8
percent and prices increase 1 percent per year.
Calculate this economy's real output. We'll reuse this information in the next question once
more.
Enter only numbers and a decimal point as needed; round your answer to two decimal places as
necessary.
990.1
Transcribed Image Text:Again, please consider an economy with nominal output of $1000 and an average price level of $2. While velocity is constant at a level of 4, real output is growing at an annual rate of 2.8 percent and prices increase 1 percent per year. Calculate this economy's real output. We'll reuse this information in the next question once more. Enter only numbers and a decimal point as needed; round your answer to two decimal places as necessary. 990.1
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