The annual output and prices of a 3-good economy are shown in the table below.
| Good | Price Year 1 | Quantity of Goods Year 1 | Price Year 2 | Quantity of Goods Year 2 |
|---|---|---|---|---|
| Quarts of ice cream | $4 | 4 | $4 | 6 |
| Bottles of shampoo | 3 | 2 | 3 | 3 |
| Jars of peanut butter | 2 | 4 | 3 |
Instructions: Enter your answers as whole numbers.
a What was GDP in year 1?
b. What was GDP in year 2?
Homework Answers
GDP can be calculated as follows
Pi = Price of the good
Qi = Quantity sold in that year
A. GDP of year 1 = 4 × 4 + 3 × 2 + 2 × 4 = 16 + 6 + 8 = $ 30
B. GDP of year 2 = 4 × 6 + 3 × 3 + 2 × 3 = 24 + 9 + 6 = $ 39
In second year the price of Jars of peanut butter is not visible therefore I have assumed it equal to price in the first year.
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The annual output and prices of a 3-good economy are shown in the table below.
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