Question
Britannica's economy produces three goods: computers, DVDs, and pizza. The price and production statistics for the three goods for the years 2019, 2020 and 2021
Britannica's economy produces three goods: computers, DVDs, and pizza. The price and production statistics for the three goods for the years 2019, 2020 and 2021 appear in the table on the Table ex. 4 in the MS Excel template of this lab. Perform your calculations by hand in your document and clearly show your steps. a. What is the percentage change in the production of each of the goods from 2019 to 2020 and from 2020 to 2021? b. What is the percentage change in the prices of each of the goods from 2019 to 2020 and from 2020 to 2021? vs. Calculate the nominal GDP in Britannica for each of the three years. re. What is the percentage change in nominal GDP from 2019 to 2020 and from 2020 to 2021? e. Calculate Britannica's real GDP using 2019 prices for each of the three years. F. What is the percentage change in real GDP from 2019 to 2020 and from 2020 to 2021?
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