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Suppose that laptops, economics textbooks, and energy drinks are the only three goods produced in the United States. The following table gives the quantity of
Suppose that laptops, economics textbooks, and energy drinks are the only three goods produced in the United States. The following table gives the quantity of each produced (in millions) and their price in the years from 2010 to 2012:
Suppose that laptops. economics textbooks, and energy drinks are the only three goods produced in the United States. The following table gives the quantity of each produced (in millions) and their price in the years from 2010 to 2012: Laptops Textbooks Energy Drinks Price Quantity Price Quantity Price Quantity 2010 $1,400 7 $180 6 $2 25 2011 $1,100 9 $190 8 $4 30 2012 $900 9 $210 9 $4 35 Complete the following table by calculating nominal GDP and real GDP (using 2010 as the base year) for each year. (Enter your responses as integers.) Nominal GDP Real Gopmm Base, 2010 $|: $l: 2011 $I: $l: 2012 $I: $l: Using the chain-weighted method outlined above, real GDP for 2011 is $D. (Round your response to the nearest dollar.) Usina the chain-weiahted method aaain. real GDP for 2012 is $lI. (Round vour resoonse to the nearest dollar.)Step by Step Solution
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