The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the base year.Quantityof IceCreamPrice of Ice Quantity ofCreamPrice ofShampooShampooQuantity ofPeanutButterPrice ofPeanutButterYear 1Year 235$6$9What was real GDP in year 2? $11112$5$9312$3$6

GDP or gross domestic product is the total final market value of production in an economy. It is…

The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the base year. Quantity of Peanut Butter Year 1 Year 2 Quantity Price of Ice Quantity of of Ice Cream Shampoo Cream 3 15 $6 $9 What was real GDP in year 2? $ 1 2 Price of Shampoo $5 $9 3 2 $3 $6 Price of Peanut Butter

The annual output and prices of a 3-good economy are shown in the table below. Assume Year 1 is the base year. Quantity of Peanut Butter Year 1 Year 2 Quantity Price of Ice Quantity of of Ice Cream Shampoo Cream 3 15 $6 $9 What was real GDP in year 2? $ 1 2 Price of Shampoo $5 $9 3 2 $3 $6 Price of Peanut Butter

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 6E

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the annual output and prices of a 3-good economy are shown in the table below. Good Price year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2 Quarts of ice cream $ 4.00 3 $ 4.00 5 Bottles of shampoo 3.00 1 3.00 2 Jars of peanut butter 2.00 3 2.00 2 instructions: enetr your answers as whole numbers. What was the economy's GDP in year 1? What was its GDP in year 2?
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