If I have an economy that produces only one good and in year i the quantity is Qi and the price is Pi. Assuming year 1 is the base year and assuming 3 years of economic activity. How do I find the nominal GDP and the real GDP? Is it possible to find these with only this information?

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A: Answer: Given,  

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A: All answers given below,

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A:

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Q: Briefly explain the short run fixed costs and the variable cost in modern economics?

A:

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A: The correct answer is given in the second step .

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