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Quantity Produced Prices milk (litres) honey (kg) milk ($/litre) honey ($/kg) Year 1 115 50 2 4 Year 2 135 24 A 5 Nominal GDP

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Quantity Produced Prices milk (litres) honey (kg) milk ($/litre) honey ($/kg) Year 1 115 50 2 4 Year 2 135 24 A 5 Nominal GDP in year 2: $ 660 (Round your response to the nearest whole number.) The percentage change in nominal GDP from year 1 to year 2 is 53.49 %. (Round your response to two decimal places. Use the minus sign to enter negative numbers.) b. Using year 1 as the base year, compute real GDP for each year using the traditional approach. Real GDP in year 1 year 1 prices: $ (Round your response to the nearest whole number.) Real GDP in year 2year 1 prices: $ (Round your response to the nearest whole number.) The percentage change in real GDP from year 1 to year 2 is %. (Round your response to two decimal places. Use the minus sign to enter negative numbers.)

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