Laptops 2010 2011 2012 Price Quantity Price Quantity $1,700 7 6 9 8 9 9 $1,400 $1,200 Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.) Real GDP (2010 Base) Nominal GDP $ 13,040 $ 13,040 $ 14,260 $ 16,810 $ 12,850 $ 17,000 2010 2011 Textbooks 2012 $180 $190 $210 Energy Drinks Price Quantity $2 30 $4 35 $4 40 Using the chain-weighted method outlined above, real GDP for 2011 is $ 16,810. (Round your response to the nearest dollar.) Using the chain-weighted method again, real GDP for 2012 is $ (Round your response to the nearest dollar.)
Laptops 2010 2011 2012 Price Quantity Price Quantity $1,700 7 6 9 8 9 9 $1,400 $1,200 Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.) Real GDP (2010 Base) Nominal GDP $ 13,040 $ 13,040 $ 14,260 $ 16,810 $ 12,850 $ 17,000 2010 2011 Textbooks 2012 $180 $190 $210 Energy Drinks Price Quantity $2 30 $4 35 $4 40 Using the chain-weighted method outlined above, real GDP for 2011 is $ 16,810. (Round your response to the nearest dollar.) Using the chain-weighted method again, real GDP for 2012 is $ (Round your response to the nearest dollar.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Laptops
2010
2011
2012
Price
$1,700
$1,400
$1,200
Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.)
2010
2011
2012
Quantity
7
9
9
Textbooks
Price Quantity
$180
$190
6
8
$210
9
Nominal GDP
$ 13,040
$ 14,260
$ 12,850
Using the chain-weighted method outlined above, real GDP for 2011 is $ 16,810. (Round your response to the nearest dollar.)
Using the chain-weighted method again, real GDP for 2012 is $
(Round your response to the nearest dollar.)
Energy Drinks
Price Quantity
$2
30
$4
35
$4
40
Real GDP
(2010 Base)
$ 13,040
$ 16,810
$ 17,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F861af1f0-9095-4900-ad4a-158f576b93e8%2Ffa065e7e-354d-4cf4-ac4e-b36a9ec6d4e9%2Fymntfcd_processed.png&w=3840&q=75)
Transcribed Image Text:Laptops
2010
2011
2012
Price
$1,700
$1,400
$1,200
Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.)
2010
2011
2012
Quantity
7
9
9
Textbooks
Price Quantity
$180
$190
6
8
$210
9
Nominal GDP
$ 13,040
$ 14,260
$ 12,850
Using the chain-weighted method outlined above, real GDP for 2011 is $ 16,810. (Round your response to the nearest dollar.)
Using the chain-weighted method again, real GDP for 2012 is $
(Round your response to the nearest dollar.)
Energy Drinks
Price Quantity
$2
30
$4
35
$4
40
Real GDP
(2010 Base)
$ 13,040
$ 16,810
$ 17,000
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