3. Use the information provided in the table below for an economy that produces only apples and...
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3. Use the information provided in the table below for an economy that produces only apples and oranges.
Assume year 1 is the base year.
Year 1 Year 2 Quantity of apples 3,000 4,000 Price of an apple $0.20 $0.30 Quantity of oranges 2,000 3,000 Price of an orange $0.40 $0.50 What was the value of real GDP in each year?
Year 1 Year 2
a. $1,400 $2,700
b. $1,900 $2,700
c. $1,400 $2,000
d. $1,900 $2,000
e. $1,400 $1,900
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