Product Pumpkin Pies Technical Manuals ces in Year Quantity 110 550 Product Pumpkin Pies Technical Manuals (Base year) Price Per Unit Production and Prices in Year 2 Quantity 137.50 825.00 $3.00 $30.00 Price Per Unit $4.50 $60.00 In Year 2, nominal GDP is equal to: $, and real GDP is $ (enter both responses rounded to the nearest penny).

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Product
Pumpkin Pies
Technical Manuals
Product
Pumpkin Pies
Technical Manuals
In Year 2, nominal GDP is equal to: $
and Prices in Year 1 (Base year)
Quantity
110
550
Production and Prices in Year 2
Quantity
137.50
825.00
Price Per Unit
and real GDP is $
$3.00
$30.00
Price Per Unit
$4.50
$60.00
(enter both responses rounded to the nearest penny).
Transcribed Image Text:Product Pumpkin Pies Technical Manuals Product Pumpkin Pies Technical Manuals In Year 2, nominal GDP is equal to: $ and Prices in Year 1 (Base year) Quantity 110 550 Production and Prices in Year 2 Quantity 137.50 825.00 Price Per Unit and real GDP is $ $3.00 $30.00 Price Per Unit $4.50 $60.00 (enter both responses rounded to the nearest penny).
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