Table 6.2 Year 2016 2017 2018 2019 2020 Price of glitter ($) 1.6 1.65 1.72 1.7 2 Quantity of glitter (grams) 55 53 47 48 40 Price of confetti Quantity of (5) 1.1 1.3 1.48 1.4 1.5 confetti (grams) 58 66 60 57 61 Refer to table 6.2. Suppose that the residents of Unicornland produce two goods: glitter and confetti. If the base year is 2017, what is the nominal GDP in the year 2020? Round your final answer to 1 decimal place.

Table 6.2 Year 2016 2017 2018 2019 2020 Price of glitter ($) 1.6 1.65 1.72 1.7 2 Quantity of glitter (grams) 55 53 47 48 40 Price of confetti Quantity of (5) 1.1 1.3 1.48 1.4 1.5 confetti (grams) 58 66 60 57 61 Refer to table 6.2. Suppose that the residents of Unicornland produce two goods: glitter and confetti. If the base year is 2017, what is the nominal GDP in the year 2020? Round your final answer to 1 decimal place.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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