from the table below: price and quantity for three types of products year 2018 price of pencils 0.50 quantity of pencils 200 price of pens 0.70 quantity of pen 150 price of markers 2.20 quantity of markers 70 year 2019 price of pencils 0.80 quantity of pencils 150 price of pens 1.30 quantity of pen 100 price of markers 2.60 quantity of markers 150 year 2020 price of pencils 1.20 quantity of pencils 100 price of pens 2.00 quantity of pen 50 price of markers 3.50 quantity of markers 200 a) Calculate nominal gdp for each year. b) Calculate real Gdp for each year(base year.2018)

from the table below: price and quantity for three types of products year 2018 price of pencils 0.50 quantity of pencils 200 price of pens 0.70 quantity of pen 150 price of markers 2.20 quantity of markers 70 year 2019 price of pencils 0.80 quantity of pencils 150 price of pens 1.30 quantity of pen 100 price of markers 2.60 quantity of markers 150 year 2020 price of pencils 1.20 quantity of pencils 100 price of pens 2.00 quantity of pen 50 price of markers 3.50 quantity of markers 200 a) Calculate nominal gdp for each year. b) Calculate real Gdp for each year(base year.2018)

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 1.2P

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Question

from the table below:

price and quantity for three types of products

year 2018

price of pencils 0.50

quantity of pencils 200

price of pens 0.70

quantity of pen 150

price of markers 2.20

quantity of markers 70

year 2019

price of pencils 0.80

quantity of pencils 150

price of pens 1.30

quantity of pen 100

price of markers 2.60

quantity of markers 150

year 2020

price of pencils 1.20

quantity of pencils 100

price of pens 2.00

quantity of pen 50

price of markers 3.50

quantity of markers 200

a) Calculate nominal gdp for each year.

b) Calculate real Gdp for each year(base year.2018)

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