he 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 2017 and 2020. Instructions: Enter your responses as whole numbers. Year Pucks Root beer Sandals Quantity Price Quantity Price Quantity Price 2017 100 $5 300 $20 100 $20 2020 125 $7 250 $20 110 $25 Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2017 $ $ 2020 $ $
he 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 2017 and 2020. Instructions: Enter your responses as whole numbers. Year Pucks Root beer Sandals Quantity Price Quantity Price Quantity Price 2017 100 $5 300 $20 100 $20 2020 125 $7 250 $20 110 $25 Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Year Nominal GDP Real GDP 2017 $ $ 2020 $ $
Chapter10: Consumer Choice Theory
Section: Chapter Questions
Problem 10P
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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 2017 and 2020.
Instructions: Enter your responses as whole numbers.
Year | Pucks | Root beer | Sandals | |||
---|---|---|---|---|---|---|
Quantity | Quantity | Price | Quantity | Price | ||
2017 | 100 | $5 | 300 | $20 | 100 | $20 |
2020 | 125 | $7 | 250 | $20 | 110 | $25 |
Assume that 2017 is the base year. Find nominal GDP and real GDP for both years.
Year | Nominal GDP | Real GDP |
---|---|---|
2017 | $ | $ |
2020 | $ | $ |
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