The economy of Greatstown produces Oranges, Strawberries, and Peaches. Below are the prices and quantities of these products produced between 1999 and 2001: Year 1999 1999 2000 2000 2001 2001 Price Quantity Price Quantity Price QuantityOranges $0.9 5 $1.4 3 $1.3 2Strawberries $0.7 3 $1.4 5 $1.9 6Peaches $1.7 9 $1.8 8 $0.5 8 Calculate Greatstown’s nominal GDP in 2000. Calculate Greatstown’s real GDP in 2001, using 1999 as the base year.
The economy of Greatstown produces Oranges, Strawberries, and Peaches. Below are the prices and quantities of these products produced between 1999 and 2001:
Year 1999 1999 2000 2000 2001 2001
Oranges $0.9 5 $1.4 3 $1.3 2
Strawberries $0.7 3 $1.4 5 $1.9 6
Peaches $1.7 9 $1.8 8 $0.5 8
Calculate Greatstown’s nominal
Calculate Greatstown’s real GDP in 2001, using 1999 as the base year.
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