Question
There are two industries in this economy, producing product A and product B. Provided in the table below are the quantities produced and the price
There are two industries in this economy, producing product A and product B. Provided in the table below are the quantities produced and the price per unit for 3 different years. Considering Year 1 as the base year, fill in the blanks in the following table.
Note:For the GDP Deflator entries, please round all answers to 1 decimal place.
Year 1
Year 2
Year 3
Quantity of A (units)
15
21
24
Quantity of B (units)
21
27
15
Price of A ($/unit)
3
5
3
Price of B ($/unit)
3
6
7
Nominal output value of A ($)
0
0
0
Nominal output value of B ($)
0
0
0
Total nominal economy output ($)
0
0
0
Real output value of A ($)
0
0
0
Real output value of B ($)
0
0
0
Total real economy output ($)
0
0
0
GDP deflator
0
0
0
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