CO21139 x Connect a Secure https//newconnect.mh onnes Froen IE ? Apple-Support-I

Question

CO21139 x Connect a Secure https//newconnect.mh onnes Froen IE ? Apple-Support-IT blems -Chapters 26-29 Apple-Support-m & Boden USA Ohine ( Checkout EarthBox e th Garden Club of Ame Saved The annual output and prices of a 3-good economy are shown in the table below 3 Price Year 1 Quantity of Goods Price Year 2 Quantity of Goods Good Year 2 Quarts of ice cream Bottles of shampoo Jars of peanut butter $4 00 3 00 2.00 $4.00 3.00 Instructions: Enter your answers as whole numbers a What was this economy's GDP in year 1? b. What was its GDP in year 2?

Explanation / Answer

a) GDP in Year 1 = Price of Quarts of ice cream x Quantity + Price of bottles of shampoo x Quantity + Price of Jars of peanut butter x Quantity = 4 x 3 + 3 x 1 + 2 x 3 = 12 + 3 + 6 = 21

b) GDP in Year 2 = Price of Quarts of ice cream x Quantity + Price of bottles of shampoo x Quantity + Price of Jars of peanut butter x Quantity = 4 x 5 + 3 x 2 + 2 x 2 = 20 + 6 + 4 = 30

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