Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities...

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Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities...

Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities produced and their corresponding prices for 2015 and 2019 are as shown in the table. Use the information in the table to compute nominal GDP in the year 2019. Calculate real GDP in 2019 assuming the base year is 2015. Compare and explain the two results. – Word count 300

	2015	2019
Product	Quantity Price	Quantity Price
Pizzas	200 10	150 12
Haircuts	80 20	85 25
Backpacks	40 50	30 70

PLEASE GIVE A HIGH QUALITY ANSWER AND CLARIFY IT CLEARLY WITH EQUATIONS AND DATA

business economics

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Add Answer to: Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities...

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Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities...