There are two industries in this economy, producing product A and product B. Provided in the table below are the quantities produced and the price per unit for 3 different years. Considering Year 1 as the base year, fill in the blanks in the following table. Note: For the GDP Deflator entries, please round all answers to 1 decimal place. Year 1 Year 2 Year 3 19 Quantity of A (units) 17 25 Quantity of B (units) 19 24 24 7 10 8 Price of A ($/unit) Price of B ($/unit) 8 6 Nominal output value of A ($) 0 0 0 0 Nominal output value of B ($) otal nominal economy output ($) 0 0 Real output value of A ($) 0 0 Real output value of B ($) 0 0 otal real economy output ($) 0 0 DP deflator 0 0 5 0 0 0 0 0 0 0
There are two industries in this economy, producing product A and product B. Provided in the table below are the quantities produced and the price per unit for 3 different years. Considering Year 1 as the base year, fill in the blanks in the following table. Note: For the GDP Deflator entries, please round all answers to 1 decimal place. Year 1 Year 2 Year 3 19 Quantity of A (units) 17 25 Quantity of B (units) 19 24 24 7 10 8 Price of A ($/unit) Price of B ($/unit) 8 6 Nominal output value of A ($) 0 0 0 0 Nominal output value of B ($) otal nominal economy output ($) 0 0 Real output value of A ($) 0 0 Real output value of B ($) 0 0 otal real economy output ($) 0 0 DP deflator 0 0 5 0 0 0 0 0 0 0
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:There are two industries in this economy, producing product A and product B. Provided in the table below are
the quantities produced and the price per unit for 3 different years. Considering Year 1 as the base year, fill in
the blanks in the following table.
Note: For the GDP Deflator entries, please round all answers to 1 decimal place.
Year 1
Year 2
Year 3
Quantity of A (units)
17
25
19
Quantity of B (units)
19
24
24
Price of A (S/unit)
7
10
8
Price of B ($/unit)
8
6
5
Nominal output value of A ($)
0
0
0
0
0
0
Nominal output value of B ($)
Total nominal economy output ($)
0
0
0
Real output value of A ($)
0
0
0
0
Real output value of B ($)
Total real economy output ($)
GDP deflator
0
0
Oooo
0
0
0
0
0
0
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