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A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base
A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Price Per Unit Pumpkin Pies 120 $1.50 Computer Games 600 $30.00 Production and Prices in Year 2 Product Pumpkin Pies Computer Games Quantity Price Per Unit 150.00 $2.25 900.00 $60.00 In Year 2, nominal GDP is equal to: $ and real GDP is $(enter both responses rounded to the nearest penny)
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