The economy of Turista produces only two products, protein bars and snowboards. In 2016 it produced 16 million protein bars and 105,000 snow boards. In 2017, production of protein bars rose to 20 million, and snowboards to 115.000. a. If the price of protein bars rose from $220 to $250 over this period, while the price of snowboards rose from $240 to $270. fill in the table below. Round your answers to two decimal places. 2016 Price ($) 220 Nominal GDP (S) 35.2 million Quantity 20 million Price (S) 250 2017 Nominal GDP (S) 50 million Real GDP ($) Quantity 16 million Protein bars million Snowboards 105000 240 25 million 115000 270 million million b. What is the value of nominal GDP for Turista in 2016, and. what are the values of its nominal and real GDP in 2017? The value of nominal GDP in 2016 is $ 50 million. The value of nominal GDP in 2017 is $ 3 million and real GDP in 2017 is $| million.
The economy of Turista produces only two products, protein bars and snowboards. In 2016 it produced 16 million protein bars and 105,000 snow boards. In 2017, production of protein bars rose to 20 million, and snowboards to 115.000. a. If the price of protein bars rose from $220 to $250 over this period, while the price of snowboards rose from $240 to $270. fill in the table below. Round your answers to two decimal places. 2016 Price ($) 220 Nominal GDP (S) 35.2 million Quantity 20 million Price (S) 250 2017 Nominal GDP (S) 50 million Real GDP ($) Quantity 16 million Protein bars million Snowboards 105000 240 25 million 115000 270 million million b. What is the value of nominal GDP for Turista in 2016, and. what are the values of its nominal and real GDP in 2017? The value of nominal GDP in 2016 is $ 50 million. The value of nominal GDP in 2017 is $ 3 million and real GDP in 2017 is $| million.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The economy of Turista produces only two products, protein bars and snowboards. In 2016 it produced 16 million protein bars and
105,000 snow boards. In 2017, production of protein bars rose to 20 million, and snowboards to 115,.000.
a. If the price of protein bars rose from $2.20 to $2.50 over this period, while the price of snowboards rose from $240 to $270. fill in
the table below. Round your answers to two decimal places.
2016
Nominal GDP ($)
35.2 million
2017
Nominal GDP ($)
50 million
Real GDP ($)
Protein bars
Snowboards
Quantity
16 million
Price ($)
220
240
Quantity
20 million
Price ($)
2.50
million
105000
25 million
115000
270
million
million
b. What is the value of nominal GDP for Turista in 2016, and, what are the values of its nominal and real GDP in 2017?
The value of nominal GDP in 2016 is $
50 million.
The value of nominal GDP in 2017 is $
31 million and real GDP in 2017 is $
million.
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