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20072013 Product Quantity Price Quantity Price Pizzas 100 $10 120 $12 Haircuts 50 15 45 20 Backpacks 200 40 210 45 Q2.Refer to the above

20072013

Product

Quantity

Price

Quantity

Price

Pizzas

100

$10

120

$12

Haircuts

50

15

45

20

Backpacks

200

40

210

45

Q2.Refer to the above table.Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2007 and 2013 are shown in the table above.

Assuming that the base year is 2007, compute nominal GDP and real GDP in 2007 and in 2013, respectively.Show your work. (3pts).

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