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Use the information in the following table to calculate nominal GDP for 2019. Production and Price Statistics for 2018 Product Quantity Price Shoes 100 $60.00

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Use the information in the following table to calculate nominal GDP for 2019. Production and Price Statistics for 2018 Product Quantity Price Shoes 100 $60.00 Hamburgers 100 2.00 Shirts 50 25.00 Cotton 80 0.60 b. Now use the information in the table below to calculate real GDP for 2018 and 2019, assuming that the base year is 2009. c. What is the growth rate of real GDP during 2019? 2009 2018 2019 Product Quantity Price Quantity Price Quantity Price Shoes 90 $50.00 100 $60.00 100 $65.00 Hamburgers 75 2.00 100 2.00 120 2.25 Shirts 50 30.00 50 25.00 65 25.00 Cotton 100 0.80 800 0.60 120 0.70

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