If I have an economy that produces only one good and in year i the quantity is Qi and the price is Pi. Assuming year 1 is the base year and assuming 3 years of economic activity. How do I find the nominal GDP and the real GDP? Is it possible to find these with only this information?

If I have an economy that produces only one good and in year i the quantity is Qi and the price is Pi. Assuming year 1 is the base year and assuming 3 years of economic activity. How do I find the nominal GDP and the real GDP? Is it possible to find these with only this information?

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter6: How Statisticians Measure Inflation

Section6.A: How Statisticians Measure Inflation

Problem 2TY

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