**Please use numbers listed** Thank you! :)
Homework Answers
Answer
Nominal GDP =sum of (current year prices * current year
quantity)
Nominal GDP in year 2=143.75*3.75+1200*110
=132539.062
=$132539.06
Real GDP in year 2=143.75*2.50+1200*55
=66359.375
=66359.38
the nominal GDP is $132539.06 and real GDP is $66359.38
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**Please use numbers listed** Thank you! :)
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