A small economy produces three main products,products A, B, and C. The following table indicates theprices and quantities for the three products from 2013to 2016.Product AProduct BProduct CYearPriceQuantit PriceQuantit PriceQuantit201324.751713627.510125.5657.54614141020142015201660.563.56618141714Using 2013 as the base year, calculate the real GDP forthe years 2014.Select one:а. 523.25b. 492С. 722.75d. None of the answers are correcte. 680.5O CO

Use the below formula to find the real GDP: Real GDP = Base year price x Current year quantity

A small economy produces three main products, products A, B, and C. The following table indicates the prices and quantities for the three products from 2013 to 2016. Product A Product B Product C Year Price Quantit Price Quantit Price Quantit 57.5 60.5 4 63.5 8 66 12 5.5 2013 2014 2015 2016 24.75 4 17 27.5 13 10 16 4 10 17 14 Using 2013 as the base year, calculate the real GDP for the years 2014.

A small economy produces three main products, products A, B, and C. The following table indicates the prices and quantities for the three products from 2013 to 2016. Product A Product B Product C Year Price Quantit Price Quantit Price Quantit 57.5 60.5 4 63.5 8 66 12 5.5 2013 2014 2015 2016 24.75 4 17 27.5 13 10 16 4 10 17 14 Using 2013 as the base year, calculate the real GDP for the years 2014.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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