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 Quantity 300 250 Price $15 $20 Real GDP $ $ Sandals Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Nominal GDP $ $ Quantity 100 110 Price $20 $25

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 Quantity 300 250 Price $15 $20 Real GDP $ $ Sandals Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Nominal GDP $ $ Quantity 100 110 Price $20 $25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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