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Good A:In 2020 (base year) P = $20 Q = 1200 In 2021 P = $30 Q = 1500 In 2022 P = $40 Q = 1750 Good B: In 2022(base year) P = $90 Q = 200 In 2021 P = $120 Q = 300 In 2022 P = $140 Q = 450 Nominal GDP based on market price is

Good A:In 2020 (base year) P = $20 Q = 1200 In 2021 P = $30 Q = 1500 In 2022 P = $40 Q = 1750 Good B: In 2022(base year) P = $90 Q = 200 In 2021 P = $120 Q = 300 In 2022 P = $140 Q = 450 Nominal GDP based on market price is

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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Good A:In 2020 (base year) P = $20 Q = 1200 In 2021 P = $30 Q = 1500 In 2022 P = $40 Q = 1750 Good B: In 2022(base year) P = $90 Q = 200 In 2021 P = $120 Q = 300 In 2022 P = $140 Q = 450 Nominal GDP based on market price is
Transcribed Image Text:Good A:In 2020 (base year) P = $20 Q = 1200 In 2021 P = $30 Q = 1500 In 2022 P = $40 Q = 1750 Good B: In 2022(base year) P = $90 Q = 200 In 2021 P = $120 Q = 300 In 2022 P = $140 Q = 450 Nominal GDP based on market price is
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