Question
The following table represents a simple, fictional economy. It shows the product being produced each year and the price the product is sold for. Use
The following table represents a simple, fictional economy. It shows the product being produced each year and the price the product is sold for. Use the information in the table to answer the following question:
What is the real GDP in the year 2020 if 2019 is the base year? Please round to two decimal places and do not include the dollar sign. For example, if your answer turns out to be $574.2486, you would enter 574.25
| 2019 Price | 2019 Quantity | 2020 Price | 2020 Quantity | |
| Water Bottles | $1.19 | 11 | $1.39 | 20 |
| Calculators | $19.31 | 6 | $21.1 | 13 |
| Markers | $6 | 24 | $2.6 | 23 |
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Microeconomics
Authors: Michael Parkin
12th edition
133872297, 133872293, 978-1292094632
