The Economy of Hobbiton produces only two products, apples and kiwis. The below table provides prices and output of Hobbiton in relation to apples and kiwis in year 2018 and 2019. Calculate the value of nominal and real GDP (base year 2019) for year 2019 Output Prices in Output Prices in Output in Prices in 2017 2017 2018 2018 2019 2019 Apple 7m $3.50 10m $4.00 10m $6 Kiwis 7m $4 8m $6.00 10m $10 Nominal GDP= $100,000,000; Real GDP= $160,000,000 Nominal GDP = $160,000,000; Real GDP= $160,000,000 Nominal GDP= $160,000,000; Real GDP= $100,000,000 Nominal GDP= 88,000,000; Real GDP= $67,000,000

The Economy of Hobbiton produces only two products, apples and kiwis. The below table provides prices and output of Hobbiton in relation to apples and kiwis in year 2018 and 2019. Calculate the value of nominal and real GDP (base year 2019) for year 2019 Output Prices in Output Prices in Output in Prices in 2017 2017 2018 2018 2019 2019 Apple 7m $3.50 10m $4.00 10m $6 Kiwis 7m $4 8m $6.00 10m $10 Nominal GDP= $100,000,000; Real GDP= $160,000,000 Nominal GDP = $160,000,000; Real GDP= $160,000,000 Nominal GDP= $160,000,000; Real GDP= $100,000,000 Nominal GDP= 88,000,000; Real GDP= $67,000,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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