Refer to Table below. A very simple economy produces two goods: cameras and legal services. The quantities produced and their corresponding prices for 2015 and 2019 are shown in the table. 2015 2019 ProductQuantityPriceQuantityPriceDigital Camera 100 $10 120 $12Legal services 50 15 45 20 Calculate the real GDP in 2019 using 2015 as a base year.

Nominal GDP is defined as GDP who's prices have not been adjusted and is calculated by usingthe…

Answered: Refer to Table below. A very simple…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to Table below. A very simple economy produces two goods: cameras and legal services. The quantities produced and their corresponding prices for 2015 and 2019 are shown in the table.

	2015		2019
Product	Quantity	Price	Quantity	Price
Digital Camera	100	$10	120	$12
Legal services	50	15	45	20

Calculate the real GDP in 2019 using 2015 as a base year.

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