The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2014 and 2017. Instructions: Enter your responses as whole numbers. Pucks Root beer Sandals Year Quantity Price Quantity Price Quantity Price 2014 100 $5 300 $15 100 $20 2017 125 $7 250 $20 110 $25 Assume that 2014 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2014 $ 2017

The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2014 and 2017. Instructions: Enter your responses as whole numbers. Pucks Root beer Sandals Year Quantity Price Quantity Price Quantity Price 2014 100 $5 300 $15 100 $20 2017 125 $7 250 $20 110 $25 Assume that 2014 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2014 $ 2017

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Solve all subparts correctly and explains
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