Calculate the nominal GDP for 2011. • Calculate the nominal GDP for 2012. • Calculate the nominal GDP for 2013.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Kindly help with these calculations.

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services:
textbooks, hamburgers, shirts and cotton.
Base Year = 2011
2011
2012
2013
Product
Quantity Price Quantity Price
Quantity
Textbooks
90
$50
100
$60
100
Hamburgers 75
2
100
120
Shirts
50
30
50
65
25
Cotton
100
0.80 800
120
0.70
Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided.
2
25
0.60
Price
$65
2.25
Transcribed Image Text:Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year = 2011 2011 2012 2013 Product Quantity Price Quantity Price Quantity Textbooks 90 $50 100 $60 100 Hamburgers 75 2 100 120 Shirts 50 30 50 65 25 Cotton 100 0.80 800 120 0.70 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. 2 25 0.60 Price $65 2.25
• Calculate the nominal GDP for 2011.
• Calculate the nominal GDP for 2012.
• Calculate the nominal GDP for 2013.
• Calculate the real GDP for 2011.
Transcribed Image Text:• Calculate the nominal GDP for 2011. • Calculate the nominal GDP for 2012. • Calculate the nominal GDP for 2013. • Calculate the real GDP for 2011.
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