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Suppose there are 3 goods in economy x, good A, B, and C. In year 1, the base year , there are 14 As at
Suppose there are 3 goods in economy x, good A, B, and C.
In year 1, the base year, there are 14 As at $1.50 each, 31 Bs at $2.75 each, and 38 Cs at $3.88 each.
In year 2 there are 12 As at $1.80 each, 29 Bs at $3.20 each, and 37 Cs at $4.55 each.
Nominal GDP in year 1 = _________
Nominal GDP in ear 2 = __________
Real GDP in year 1 = _____________
Real GDP in year 2 = _____________
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