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Suppose that Seattle produces only 3 items: cups of coffee, software subscriptions and salmon. The prices and quantities produced each year are in the following
Suppose that Seattle produces only 3 items: cups of coffee, software subscriptions and salmon. The prices and quantities produced each year are in the following table: Quantity in Quantity in Price in 2022 Price in 2021 2022 2021 Cups of coffee $6 10,000,000 1$5 8,000,000 Software $58 1,600,000 $50 2,000,000 Subscriptions Salmon (lbs) $15 4,100,000 $15 4,000,000 A) Calculate real and nominal GDP for Seattle in 2021 and 2022 (use 2021 as base year). B) Did this town experience economic growth in 2022? How can you tell? C) Based on your answer in B), would you expect the lives of Seattle residents to have generally improved
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