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Table 8-22 2017 2020 Product Quantity Price Quantity Price Pizzas 100 $10 120 $12 Haircuts 50 15 45 20 Backpacks 200 40 210 45 Refer

Table 8-22

2017 2020
Product Quantity Price Quantity Price
Pizzas 100 $10 120 $12
Haircuts 50 15 45 20
Backpacks 200 40 210 45
Refer to Table 8-22. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2017 and 2020 are shown in the table above. Use the information to compute real GDP in the year 2017 and 2020. Assume that 2017 is the base year. Is output higher in 2020 or 2017? Why?

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