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Hello, I have an Economics/Math based question, and I have provided the question via image. All the images are part of the same question. 4.

Hello, I have an Economics/Math based question, and I have provided the question via image. All the images are part of the same question.

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4. Real versus nominal GDP Consider a simple economy that produces two goods: pencils and erasers. The following table shows the prices and quantities of the goods over a threeyear period. Pencils Erasers Price Quantity Price Quantity Yea r (Dollars per pencil) (Number of pencils) (Dollars per eraser) (Number of erasers) 2 O 1 7 1 1 1 5 2 1 7 5 20 1 8 2 1 5 0 4 1 80 2 O 1 9 4 1 2 0 4 1 90 Use the information from the preceding table to ll in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2017, dollars)

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