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Suppose the economy has only the following three goods: Year Product Price Quantity 100 2020 Maple $5.00 per Syrup bottle bottles Sneakers $80.00 per 50
Suppose the economy has only the following three goods: Year Product Price Quantity 100 2020 Maple $5.00 per Syrup bottle bottles Sneakers $80.00 per 50 pairs pair $20.00 Lamps 40 each Maple $6.00 per 2021 95 bottles Syrup bottle $100.00 Sneakers 30 pairs per pair $20.00 Lamps 45 each a Calculate nominal GDP. b. Calculate the percentage change in GDP (real GDP) from 2020 to 2021, first using 2020 prices and then using 2021 prices (don't forget to average)
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