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7. Use the table below to answer the following questions. 2009 Product 2019 Quantity Price Quantity Price Shoes 90 $50.00 100 $65.00 Hamburgers 75 2.00
7. Use the table below to answer the following questions. 2009 Product 2019 Quantity Price Quantity Price Shoes 90 $50.00 100 $65.00 Hamburgers 75 2.00 120 2.25 Shirts 50 30.00 65 25.00 Cotton 100 0.80 120 0.70 a. Calculate nominal GDP for 2009. b. Calculate nominal GDP for 2019. c. Calculate real GDP for 2019, using 2009 as the base year. d. Briefly explain the difference between the results of parts b) and c). Is it better to use the result from part b) or part c) if looking at GDP over time
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