Question
A simple economy produces twogoods, ApplePies and Software. Price and quantity data are asfollows: Production and Prices in Year 1(Base year) Product Quantity Price Per
A simple economy produces twogoods, ApplePies and Software. Price and quantity data are asfollows:
Production and Prices in Year 1(Base year)
Product Quantity Price Per Unit
ApplePies 125 $2.00
Software 750 $30.00
Production and Prices in Year 2
Product Quantity Price Per Unit
Apple Pies 156.25 $3.00
Software 1,125.00 $60.00
In Year2, nominal GDP is equalto: $ , and real GDP is $ (enter both responses rounded to the nearest penny).
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Managerial Economics and Business Strategy
Authors: Michael R. baye
7th Edition
978-0073375960, 71267441, 73375969, 978-0071267441
