. The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table...

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. The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides prices and quantities of the three goods in the years 2011 and 2014.

Assume that 2011 is the base year. Find nominal GDP and real GDP for both years.

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Principles of Economics

ISBN: 978-0073511405

5th edition

Authors: Robert Frank, Ben Bernanke

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Question Posted: Dec 12, 2015 04:34 AM

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. The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table...

Question:

Pucks Root Beer Sandals Year Quantity Price Quantity Price Quantity Price 300 250 100 125 2011 $5 $20 520 $20 100 2014 $7 110 $25

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For the year 2011 Nominal GDP 100 pucks5 per puck 300 cases of root beer20 ...View the full answer

Principles of Economics

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