Consider the following table for the economy of a nation whose residents produce four final goods: ...
Consider the following table for the economy of a nation whose residents produce four final goods: 2019 2020 Good Price Quantity Price Quantity Computers $nbsp 927.00 10 $nbsp 724.00 17 Bananas $4.00 3 comma 448 $10.00 1 comma 194 Televisions $90.00 460 $140.00 344 Cookies $1.00 10 comma 974 $2.00 9 comma 797 a. Assume 2020 as the base year. Calculate nominal GDP for 2019 . $nothing . Calculate nominal GDP for 2020 . $nothing .
Homework Answers
ANSWER:
Nominal gdp in 2019 = quantity of computers * price of computers + quantity of bananas * price of bananas + quantity of tv * price of tv + quantity of cookies * price of cookies = 10 * 927 + 3,448 * 4 + 460 * 90 + 10,974 * 1 = 9,270 + 13,792 + 41,400 + 10,974 = 75,436
Nominal gdp in 2020 = quantity of computers * price of computers + quantity of bananas * price of bananas + quantity of tv * price of tv + quantity of cookies * price of cookies = 17 * 724 + 1,194 * 10 + 344 * 140 + 9,797 * 2 = 12,308 + 11,940 + 48,160 + 19,594 = 92,002
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