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Consider an economy that produces only three types of fruit: Apples, oranges and bananas. In the base year (a few years ago), the production and price data were as follows: Fruit Quantity Price Apples 3000 bags $2 per bag Bananas 6000 bunches $3 per bunch Oranges 8000 bags $4 per bag In the current year, the production and price data are as follows: Fruit Quantity Price Apples 4000 bags $3 per bag Bananas 14 000 bunches $2 per bunch Oranges 32 000 bags $5 per bag Find nominal GDP in the current year and in the base year. What is the percentage increase since the base year?

Consider an economy that produces only three types of fruit: Apples, oranges and bananas. In the base year (a few years ago), the production and price data were as follows: Fruit Quantity Price Apples 3000 bags $2 per bag Bananas 6000 bunches $3 per bunch Oranges 8000 bags $4 per bag In the current year, the production and price data are as follows: Fruit Quantity Price Apples 4000 bags $3 per bag Bananas 14 000 bunches $2 per bunch Oranges 32 000 bags $5 per bag Find nominal GDP in the current year and in the base year. What is the percentage increase since the base year?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider an economy that produces only three types of fruit: Apples, oranges and bananas. In the
base year (a few years ago), the production and price data were as follows:
Fruit Quantity Price
Apples 3000 bags $2 per bag
Bananas 6000 bunches $3 per bunch
Oranges 8000 bags $4 per bag
In the current year, the production and price data are as follows:
Fruit Quantity Price
Apples 4000 bags $3 per bag
Bananas 14 000 bunches $2 per bunch
Oranges 32 000 bags $5 per bag
Find nominal GDP in the current year and in the base year. What is the percentage increase since
the base year?

Consider an economy that produces only three types of fruit: Apples, oranges and bananas. In the base year (a few years ago), the production and price data were as follows: Fruit Quantity 3000 bags Price $2 per bag $3 per bunch Apples Bananas 6000 bunches Oranges 8000 bags $4 per bag In the current year, the production and price data are as follows: Quantity 4000 bags Fruit Price $3 per bag $2 per bunch Apples Bananas 14 000 bunches Oranges 32 000 bags $5 per bag Find nominal GDP in the current year and in the base year. What is the percentage increase since the base year?
Transcribed Image Text:Consider an economy that produces only three types of fruit: Apples, oranges and bananas. In the base year (a few years ago), the production and price data were as follows: Fruit Quantity 3000 bags Price $2 per bag $3 per bunch Apples Bananas 6000 bunches Oranges 8000 bags $4 per bag In the current year, the production and price data are as follows: Quantity 4000 bags Fruit Price $3 per bag $2 per bunch Apples Bananas 14 000 bunches Oranges 32 000 bags $5 per bag Find nominal GDP in the current year and in the base year. What is the percentage increase since the base year?
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