Donuts Sushi Fiction Novels 2020 price 2020 quantity $12 $6 $50 100 10 200 2021 price $12 $7 $60 2021 quantity 110 15 200

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose an economy consists of only three goods, as shown in this Table:

 

What is real GDP in 2020 and 2021? How much (in percentage terms) did real GDP change between 2020 and 2021?

Table 2
Donuts
Sushi
Fiction Novels
2020 price
$12
$6
$50
2020 quantity
2021 price
100
10
200
$12
$7
$60
2021 quantity
110
15
200
Transcribed Image Text:Table 2 Donuts Sushi Fiction Novels 2020 price $12 $6 $50 2020 quantity 2021 price 100 10 200 $12 $7 $60 2021 quantity 110 15 200
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