The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018. In 2018 Item Quantity Price Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method. $6 each $7 each Pizzas 99 Real GDP in 2018 using the chained-dollar method is $986 Tooth paste 56 In 2019 Real GDP in 2019 using the chained-dollar method is Quantity Price Item $4 each $8 each 114 Pizzas >>> Answer with a whole number. 70 Tooth paste
The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018. In 2018 Item Quantity Price Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method. $6 each $7 each Pizzas 99 Real GDP in 2018 using the chained-dollar method is $986 Tooth paste 56 In 2019 Real GDP in 2019 using the chained-dollar method is Quantity Price Item $4 each $8 each 114 Pizzas >>> Answer with a whole number. 70 Tooth paste
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
Section: Chapter Questions
Problem 6PA
Related questions
Question
I need help on solving the second part step by step
Transcribed Image Text:Question Help ▼
The table shows some data for an economy which produces only pizzas and tooth paste. The base year is 2018.
Calculate real GDP in 2018 and real GDP in 2019 using the chained-dollar method.
In 2018
Item
Quantity
Price
Real GDP in 2018 using the chained-dollar method is
$986
Pizzas
$6 each
$7 each
99
Tooth paste
56
Real GDP in 2019 using the chained-dollar method is
$4
In 2019
>>> Answer with a whole number.
Item
Quantity
Price
Pizzas
114
$4 each
$8 each
Tooth paste
70
Enter your answer in each of the answer boxes.
LEGO
DII
DD
F11
F12
吕0
000
F9
F10
F7
F8
F6
F4
F5
esc
F2
F3
F1
%
!
@
7
8.
delete
3
4
5
6.
1
{
[
P
W
E
R
Y
Q
0721
1234
tab
J
K
A
S
D
caps lock
V
B
N M
+ II
%24
Expert Solution
Step 1
2018 2019
| Items | Quantity | Price |
| Pizza | 114 | $4 each |
| Tooth Paste | 70 | $8 each |
| Items | Quantity | Price |
| Pizza | 99 | $6 each |
| Tooth paste | 56 | $7 each |
The real GDP of 2018 is $986.
Find the real GDP of 2019 by chained dollar method.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
