14 table gives data on the production and prices in a small economy. Using 2018 as the base year: Data for 2018 Item Quantity Price Pencils 20 10 |Highlighters 20 10 Data for 2019 Price Item Quantity Pencils Highlighters 30 20 40 15 a) What is the nominal GDP in 2018 and 2019?

14 table gives data on the production and prices in a small economy. Using 2018 as the base year: Data for 2018 Item Quantity Price Pencils 20 10 |Highlighters 20 10 Data for 2019 Price Item Quantity Pencils Highlighters 30 20 40 15 a) What is the nominal GDP in 2018 and 2019?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

14 table gives data on the production and prices in a small economy. Using 2018 as the base year:
Data for 2018
Item
Quantity
Price
Pencils
20
10
|Highlighters
20
10
Data for 2019
Price
Item
Quantity
Pencils
Highlighters
30
20
40
15
a) What is the nominal GDP in 2018 and 2019?

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13
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Can you explain the steps briefly please.