ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and
quantities of the three goods in years 2017 and 2020.
Instructions: Enter your responses as whole numbers.
Year
2017
2020
Quantity
100
125
Year
2017
2020
Pucks
Price
$5
$7
Root beer
Nominal GDP
$
$
Quantity
300
250
Price
$15
$20
Assume that 2017 is the base year. Find nominal GDP and real GDP for both years.
Real GDP
$
$
Sandals
Quantity
100
110
Price
$20
$25
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Transcribed Image Text:The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year 2017 2020 Quantity 100 125 Year 2017 2020 Pucks Price $5 $7 Root beer Nominal GDP $ $ Quantity 300 250 Price $15 $20 Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Real GDP $ $ Sandals Quantity 100 110 Price $20 $25
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