[Q3] Measuring a Nation's Income (Ch.10) Quantity a.) GDP: Nuts and Bolts. [15] = 5 10 Let the relevant time period be a year. Suppose an economy produces I different goods and services. Let g, equal the quantity of good i produced in year t. Let p, equal the correspond- Fig. 1.3: PRICE-ELASTICITY OF DEMAND ing price of good i in year t. The collection of newly produced goods and services and their corresponding prices, during year t, are then, Quantities in year t = {gi,..., q~\