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Suppose the economy has only the following three goods: Year Good Price Quantity 2020 Ice cream cones $2.50 1,000 Hot dogs $1.25 500 Surfboards $100.00

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Suppose the economy has only the following three goods: Year Good Price Quantity 2020 Ice cream cones $2.50 1,000 Hot dogs $1.25 500 Surfboards $100.00 10 2021 Ice cream cones $3 50 800 Hot dogs $2.25 400 Surfboards $100,00 14 Calculate the percentage change in GDP from 2020 to 2021, first using 2020 prices and then using 2021 prices Percentage change in nominal GDP =% Percentage change in real GDP using 2020 prices = % Percentage change in real GDP using 2021 prices = %

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