Question
11. Fryville produces only two goods: fried mozzarella and jalapeno poppers. In 2019, 1,000 servings of fried mozzarella were sold for $3.99 each AND 3,000
11. Fryville produces only two goods: fried mozzarella and jalapeno poppers. In 2019, 1,000 servings of fried mozzarella were sold for $3.99 each AND 3,000 servings of jalapeno poppers were sold for $2.99 each. From 2019 to 2020, the price of fried mozzarella rose to $4.49 as the servings sold increased to 1,500. In that same time, the price of jalapeno poppers rose to $3.69, while servings sold only increased to 3,500. Calculate nominal GDP in Fryville for 2019:
12. Use the same information given in question 11 to calculate nominal GDP in Fryville for 2020:
13. Use the same information given in question 11 to calculate real GDP in Fryville for 2020 using 2019 as the base year:
14. Use your answers to questions 11 and 13 to calculate the percent change in real GDP of Fryville from 2019 to 2020:
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