Calculate real GDP in 2011and 2010 expressed in base-year prices. An economy produces only apples and oranges.

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Calculate real GDP in 2011and 2010 expressed in base-year prices.
An economy produces only apples and oranges. The base year is 2011, and the table gives the quantities produced and the prices.

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Macroeconomics Canada in the Global Environment

ISBN: 978-0321778109

8th edition

Authors: Michael Parkin, Robin Bade

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Question Posted: Dec 19, 2015 04:47 AM

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Calculate real GDP in 2011and 2010 expressed in base-year prices. An economy produces only apples and oranges.

Question:

Quantities Apples Oranges 2011 60 80 2012 160 220 2011 S0.50 $0.25 2012 $1.00 $2.00 Prices Apples Oranges

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Real GDP in 2011is 50 and in 2010 is 135 Real GDP in the base year 2011 is equal t...View the full answer

Macroeconomics Canada in the Global Environment

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