Question
A simple economy produces two goods, Apple Pies ApplePies and Software Software. Price and quantity data are as follows: Production and Prices in Year 1
A simple economy produces two goods, Apple Pies
ApplePies and Software
Software. Price and quantity data are as follows:
Production and Prices in Year 1 (Base year)
Product
Quantity
Price Per Unit
Apple Pies
130
$1.50
Software
500
$30.00
Production and Prices in Year 2
Product
Quantity
Price Per Unit
Apple Pies
162.50
$2.25
Software
750.00
$60.00
In Year 2, nominal GDP is equal to: $
nothing
, and real GDP is $
nothing
(enter both responses rounded to the nearest penny).
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Econometric Analysis
Authors: William H. Greene
5th Edition
130661899, 978-0130661890
