Homework Answers
Solution: $1,000
Working:
|
Year |
Price |
Quantity |
|
2014 |
2.5 |
300 |
|
2016 |
3 |
400 |
To compute RGDP in 2016 we need to multiply the quantity in 2016 with the price in the base year, which is year 2014 i.e. 400* 2.5 = 1,000
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Shirts
Pants
Year
Price
Quantity
Price
Quantity
2013
$7.50
750
$12.50
4000
2014
$12.00
600
$18.50
3500
The table contains prices and output for a two good economy.
Nominal and real GDP in 2013 are both $55,625. Use the information
in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.
$
Real output from 2013 to 2014 has
stayed the same....
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