Suppose a very simple economy produces just three goods: violins, guitars and trumpets. Below are data from that economy from 2018 and 2019. The base year is 2018. Calculate real GDP for this economy for 2019. DON'T USE THE $ SIGN IN YOUR ANSWER - JUST TYPE THE NUMBER. THANKS!! Product Q in 2018 P in 2018 Q in 2019 P in 2019 Violins 8 $100 10 $109 Guitars 10 $50 8. $45 Pianos 3 $200 4 $215

Suppose a very simple economy produces just three goods: violins, guitars and trumpets. Below are data from that economy from 2018 and 2019. The base year is 2018. Calculate real GDP for this economy for 2019. DON'T USE THE $ SIGN IN YOUR ANSWER - JUST TYPE THE NUMBER. THANKS!! Product Q in 2018 P in 2018 Q in 2019 P in 2019 Violins 8 $100 10 $109 Guitars 10 $50 8. $45 Pianos 3 $200 4 $215

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose a very simple economy produces just three goods: violins, guitars and trumpets. Below
are data from that economy from 2018 and 2019. The base year is 2018. Calculate real GDP for
this economy for 2019. DON'T USE THE $ SIGN IN YOUR ANSWER - JUST TYPE THE NUMBER.
THANKS!!
Product
Q in 2018
P in 2018
Q in 2019
P in 2019
Violins
8
$100
10
$109
Guitars
10
$50
8.
$45
Pianos
$200
4
$215

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