An economy produces two goods: tomatoes and ketchup. It is assumed that half of the tomatoes are bought and consumed as final good, the other half is used to produce ketchup. In 2014, 30 lbs. of tomatoes are produced at $2 each, and 20 oz. of ketchup at $7 each.  In 2015, 40 lbs. of tomatoes are produced at $4 each, and 30 oz. of ketchup at $8 each. Find the following

Economics Today and Tomorrow, Student Edition
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Author:McGraw-Hill
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Chapter1: What Is Economics
Section1.3: What Do Economists Do?
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An economy produces two goods: tomatoes and ketchup. It is assumed that half of the tomatoes are bought and consumed as final good, the other half is used to produce ketchup. In 2014, 30 lbs. of tomatoes are produced at $2 each, and 20 oz. of ketchup at $7 each.  In 2015, 40 lbs. of tomatoes are produced at $4 each, and 30 oz. of ketchup at $8 each. Find the following: Nominal GDP of 2014:    Nominal GDP of 2015: 

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