A simple economy produces two goods, BreadBread and Video GamesVideo Games. Price and quantity data are...
A simple economy produces two goods, BreadBread and Video GamesVideo Games.
Price and quantity data are as follows:
Production and Prices in Year 1 (Base year)
|
Product |
Quantity |
Price Per Unit |
|
pumpkin pies |
110 |
$1.00 |
|
technical manuals |
900 |
$55.00 |
Production and Prices in Year 2
|
Product |
Quantity |
Price Per Unit |
|
Pumpkin Pies |
137.50 |
$1.50 |
|
Technical manuals |
1,350.00 |
$110.00 |
In Year 2, nominal GDP is equal to:$______ and real GDP is $ ______
(enter both responses rounded to the nearest penny).
Homework Answers
Ans: In Year 2, nominal GDP is equal to:$ 148,706 and real GDP is $74,388.
Explanation:
Nominal GDP = sum of current year price * current year quantity of all the goods
Nominal GDP in year 2 ; ( $1.50 * 137.5 ) + ( $110.00 * 1350.00) = $206.25 + $148,500 =$148,706.25 or $148,706
Real GDP = sum of the base year price * current year quantity of all the goods
Real GDP in year 2 ; ( $1.00 * 137.5 ) + ( $55.00 * 1350.00) = $137.50 + $74,250 =$74,387.5 or $74,388
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