Refer to the following table when answering the following questions. In this economy, only two goodsare produced: video games and pistachios.Table 2.3: National Income Accounting2017 2018Quantity ofpistachiosQuantity of videogamesPrice ofpistachiosPrice of videogames1,000 1,200Question 16540 540$1.00 $1.40$15.50$14.75Consider Table 2.3. Using the Laspeyres index, the real GDP in 2018 is $Using the same Table 2.3, real GDP in 2017 based on the Paasche index is $

A statistical tool known as an index number measures the degree of change in a variable or group of…

Refer to the following table when answering the following questions. In this economy, only two goo are produced: video games and pistachios. Table 2.3: National Income Accounting 2017 2018 Quantity of pistachios Quantity of video 1,000 1,200 540 540 games Price of pistachios Price of video games $15.50$14.75 Consider Table 2.3. Using the Laspeyres index, the real GDP in 2018 is $ $1.00 $1.40