Three of the main products produced in Grossmania’s manufacturing sector are leather, laces and dyes. The table below shows the outputs (Millions/units) and prices ($) for the years 2018 and 2019. LEATHERDYESLACESYEARPRICE($)QUANTITYPRICE ($)QUANTITYPRICE$QUANTITY201810031085420191105121045 Calculate the Nominal GDP for: 2018 and 2019 . NB:Time periods are in weeks You may work in the network but please show the results in a table. NB:Time periods are in weeks You may work in the network but please show the results in a table.

Gross Domestic Product is the market value of all the domestically produced goods and services. It…

Answered: Calculate the Nominal GDP for: 2018 and…

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter15: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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Three of the main products produced in Grossmania’s manufacturing sector are leather, laces and dyes. The table below shows the outputs (Millions/units) and prices ($) for the years 2018 and 2019.

	LEATHER	DYES	LACES
YEAR	PRICE($)	QUANTITY	PRICE ($)	QUANTITY	PRICE$	QUANTITY
2018	100	3	10	8	5	4
2019	110	5	12	10	4	5

Calculate the Nominal GDP for: 2018 and 2019 .

NB:

Time periods are in weeks
You may work in the network but please show the results in a table.

NB:

Time periods are in weeks
You may work in the network but please show the results in a table.

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