The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018. In 2018 Item Quantity Price Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method. $6 each $7 each Pizzas 99 Real GDP in 2018 using the chained-dollar method is $986 Tooth paste 56 In 2019 Real GDP in 2019 using the chained-dollar method is Quantity Price Item $4 each $8 each 114 Pizzas >>> Answer with a whole number. 70 Tooth paste
The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018. In 2018 Item Quantity Price Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method. $6 each $7 each Pizzas 99 Real GDP in 2018 using the chained-dollar method is $986 Tooth paste 56 In 2019 Real GDP in 2019 using the chained-dollar method is Quantity Price Item $4 each $8 each 114 Pizzas >>> Answer with a whole number. 70 Tooth paste
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018.
Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method.
In 2018
Item
Quantity
Price
Real GDP in 2018 using the chained-dollar method is
$986
Pizzas
$6 each
$7 each
99
Tooth paste
56
Real GDP in 2019 using the chained-dollar method is
$4
In 2019
>>> Answer with a whole number.
Item
Quantity
Price
Pizzas
114
$4 each
$8 each
Tooth paste
70
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Expert Solution
Step 1
2018 2019
| Items | Quantity | Price |
| Pizza | 114 | $4 each |
| Tooth Paste | 70 | $8 each |
| Items | Quantity | Price |
| Pizza | 99 | $6 each |
| Tooth paste | 56 | $7 each |
The real GDP of 2018 is $986.
Find the real GDP of 2019 by chained dollar method.
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