Use the following price and quantity information is this table to answer the following questions. Just...

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business economics

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Answer 1

Answer #1

Nominal GDP in 2010 = (200)(45) +(2.25)(2200) +(52)(310)

= 9000 + 4950+ 16120

= $ 30070

Nominal GDP in 2011 = (150)(50) + (2.40)(2300) + (55)(350)

= 7500 + 5520+ 19250

= $ 32270

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Answer 2

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