ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question3
The Desert Republic produces only sheep and oil. The base year is 2010 and the table below gives the quantities produced and the market prices.
2010
Price
Sheep
Oil
$104 per sheep
$28 per barrel
Quantities
10.193 sheep
13,306 barrels
2020
Sheep
Oil
$126 per sheep
$57 per barrel
12,884 sheep
11.148 barrels
Calculate nominal GDP in 2020
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Transcribed Image Text:Question3 The Desert Republic produces only sheep and oil. The base year is 2010 and the table below gives the quantities produced and the market prices. 2010 Price Sheep Oil $104 per sheep $28 per barrel Quantities 10.193 sheep 13,306 barrels 2020 Sheep Oil $126 per sheep $57 per barrel 12,884 sheep 11.148 barrels Calculate nominal GDP in 2020
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