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The annual output and prices of a 3-good economy are shown in the table below. Good...


The annual output and prices of a 3-good economy are shown in the table below. 

GoodPrice Year 1Quantity of Goods Year 1Price Year 2Quantity of Goods Year 2

Quarts of ice cream$5.004$5.006

Botties of shampoo$3.002$3.003

Jars of peanut butter$2.004$2.003


Instructions: Enter your answers as whole numbers. 

a. What was GDP in year 1? 

b. What was GDP in year 2?

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Answer #0

A) GDP in year 1 = 5*4 + 3*2 + 2*4 = 20 + 6 + 8 = $ 34

B) GDP in year 2 = 5*6 + + 3*3 + 2*3 = 30 + 9 + 6 = $ 45

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