[Related to Solved Problem 2.2a] Use the information in the following table to calculate nominal and real GDP for 2005 and 2012. Assume that 2005 is the Base year. 2005 Nominal GDP in 2005 is $ (Round your response to two decimal places.) Real GDP in 2005 is $. (Round your response to two decimal places.) Product Oranges Plums Haircuts Pizza Quantity 30 200 95 80 Price $4.00 $0.50 $30.00 $9.00 Quantity 30 250 120 60 2012 Price $4.50 $0.60 $30.00 $11.25

[Related to Solved Problem 2.2a] Use the information in the following table to calculate nominal and real GDP for 2005 and 2012. Assume that 2005 is the Base year. 2005 Nominal GDP in 2005 is $ (Round your response to two decimal places.) Real GDP in 2005 is $. (Round your response to two decimal places.) Product Oranges Plums Haircuts Pizza Quantity 30 200 95 80 Price $4.00 $0.50 $30.00 $9.00 Quantity 30 250 120 60 2012 Price $4.50 $0.60 $30.00 $11.25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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i need help with this macro econmics question 4
I know for real GDP you use price of base year and quantity of current year but I keep getting an answer that is not one of the options.
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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