Consider an economy that only produces two goods: Boomerangs and Vegemite. Prices and quantities produced in two years are given by the following table: Price Boomerangs $5 Vegemite (in cans) $2 $613.800 $607.500 $620.100 Year 1 $605.573 Quantity 50 100 Compute Real GDP in year 2 by applying the Chain-Weighting approach. Use year 1 as the reference year. (Round your final and preliminary results using three decimal places.) Year 2 Price $6 $3 Quantity 80 110
Consider an economy that only produces two goods: Boomerangs and Vegemite. Prices and quantities produced in two years are given by the following table: Price Boomerangs $5 Vegemite (in cans) $2 $613.800 $607.500 $620.100 Year 1 $605.573 Quantity 50 100 Compute Real GDP in year 2 by applying the Chain-Weighting approach. Use year 1 as the reference year. (Round your final and preliminary results using three decimal places.) Year 2 Price $6 $3 Quantity 80 110
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider an economy that only produces two goods: Boomerangs and Vegemite. Prices and quantities
produced in two years are given by the following table:
Price
Boomerangs
$5
Vegemite (in cans) $2
$613.800
$607.500
Year 1
$620.100
$605.573
Quantity
50
100
Compute Real GDP in year 2 by applying the Chain-Weighting approach. Use year 1 as the reference year.
(Round your final and preliminary results using three decimal places.)
Year 2
Price
$6
$3
Quantity
80
110
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