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3. Suppose the economy has only the following three goods: (4pts) Year Product Price Quantity 2019 Tomatoes $3.00 1000 Squash $1.00 600 Cell Phones $100.00
3. Suppose the economy has only the following three goods: (4pts) Year Product Price Quantity 2019 Tomatoes $3.00 1000 Squash $1.00 600 Cell Phones $100.00 20 2020 Tomatoes $4.50 900 Squash $2.00 700 ?) Cell Phones $125.00 30 a Calculate nominal GDP for 2019 and for 2020. b Calculate the percentage change in GDP (real GDP) from 2019 to 2020, first using 2019 prices and then using 2020 prices (don't forget to average)
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