(G1) Review Ch 2: Calculating Nominal and Real GDPConsider an economy that produces and consumes pizzas and salads. In the following table are data fortwo different years:PizzaSaladPrice$3$22015Quantity200200Price$4$42016• Real GDP in 2015 at 2016 prices• Real GDP in 2016 at 2016 prices• Real GDP in 2015 chain-weightedAnswer in the numerical questions below.Quantity500250Using 2016 (as opposed to 2015 in your practice class) as the base year and the basket in the base year asthebasket, compute the following statistics for each year.Show Transcribed TextFinally, let's get Real GDP in 2015 using chain-weighting.Use the previous growth rate, and transform it to simpleunits (not percents) by dividing over 100. That is, if yougot 50%, then 50/100 = 0.5. (Note: the answer is not50%, this is just an example). Call it chain growth.Next, use that number to get the value of GDP in 2015that would result in that growth and give you nominalGDP in 2016 (reminder from practice: that is 3000). Thatis, solve for Real GDP 201 Chain in the followingequation:Real GDP chain 2015(1+ chain growth)=3000Round to the nearest integer.

A summation of a country's final goods and services is known as Gross domestic product. It measures…

Review Ch 2: Calculating Nominal and Real GDP Consider an economy that produces and consumes pizzas and salads. In the following table are data for two different years: Pizza Salad 2015 Price $3 $2 Quantity 200 200 2016 Price $4 $4 • Real GDP in 2015 at 2016 prices • Real GDP in 2016 at 2016 prices • Real GDP in 2015 chain-weighted Answer in the numerical questions below. Quantity 500 250 Using 2016 (as opposed to 2015 in your practice class) as the base year and the basket in the base year as the reference basket, compute the following statistics for each year.

Review Ch 2: Calculating Nominal and Real GDP Consider an economy that produces and consumes pizzas and salads. In the following table are data for two different years: Pizza Salad 2015 Price $3 $2 Quantity 200 200 2016 Price $4 $4 • Real GDP in 2015 at 2016 prices • Real GDP in 2016 at 2016 prices • Real GDP in 2015 chain-weighted Answer in the numerical questions below. Quantity 500 250 Using 2016 (as opposed to 2015 in your practice class) as the base year and the basket in the base year as the reference basket, compute the following statistics for each year.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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