15 & 16 please Using the table below,PearPhoneYearPrice (S)QuantityPrice (S)Quantity2015321045054201642005005014. Compute nominal GDP in each year.15. By what percentage did the nominal GDP change between 2015 and 2016?16. Compute real GDP each year by using "2015" as the base year.17. By what percentage did real GDP change between 2015 and 2016?18. By using the table and your answers to #15, and #17, explain (in one or two paragraphs) why "realGDP" is better than "nominal GDP" in measuring the production activity of an eçonomy.LA

Nominal GDP is the value of goods and services calculated at current prices produced in the domestic…

Pear Phone |Year Price (S) Quantity Price (S) Quantity 2015 3 210 450 54 2016 4 200 500 50 4. Compute nominal GDP in each year. 5. By what percentage did the nominal GDP change between 2015 and 2016? 6. Compute real GDP each year by using "2015" as the base year. _7. By what percentage did real GDP change between 2015 and 2016? 8. By using the table and your answers to #15, and #17, explain (in one or two paragraphs) why "real GDP" is better than "nominal GDP" in measuring the production activity of an economy.

Pear Phone |Year Price (S) Quantity Price (S) Quantity 2015 3 210 450 54 2016 4 200 500 50 4. Compute nominal GDP in each year. 5. By what percentage did the nominal GDP change between 2015 and 2016? 6. Compute real GDP each year by using "2015" as the base year. _7. By what percentage did real GDP change between 2015 and 2016? 8. By using the table and your answers to #15, and #17, explain (in one or two paragraphs) why "real GDP" is better than "nominal GDP" in measuring the production activity of an economy.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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