A simple economy produces twogoods, PumpkinPies and VideoGames. Price and quantity data are asfollows: Production and Prices
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Question:
A simple economy produces twogoods, PumpkinPies and VideoGames. Price and quantity data are asfollows:
Production and Prices in Year 1(Base year)
Product
Quantity
Price Per Unit
PumpkinPies
130
$1.00
VideoGames
800
$30.00
Production and Prices in Year 2
Product
Quantity
Price Per Unit
PumpkinPies
162.50
$1.50
VideoGames
1,200.00
$60.00
In Year2, nominal GDP is equalto: $
, and real GDP is $
(enter both responses rounded to the nearest penny).
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