Suppose you are studying an economy that produces only one good. In year 1, 83 units were
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Question:
Suppose you are studying an economy that produces only one good.
In year 1, 83 units were produced and the price (per unit) in year 1 was $23
In year 2, 136 units were produced and the price (per unit) in year 2 was $25
In year 3 , 186 units were produced and the price (per unit) in year 3 was $30
Assume year 2 is the base year.What is the Nominal GDP in year 3?
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