produ MyEcontab HomeworkX wk \" ×? @ Do Homework-lan Mou × mathxl.com/Student/Pl

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produ MyEcontab HomeworkX wk " ×? @ Do Homework-lan Mou × mathxl.com/Student/PlayerHomework.aspx?homeworkld CSecure I https/www.mathsl.com/Student/Playertlomeworkaspxthomeworkld -486855188Riquestionld ECO-202-T6432 Macroeconomics 18EW6 Homework: 2-2 MyEconLab: Module Two Homework 50f 10 (4 oomploto) ? Score: 0 of 4 pts Concept: Real/Nominal GDP 1 A simple economy produces two goods, Bread and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Price Per Unit Product Bread Computer Games Quantity 105 800 $3.00 $35.00 Production and Prices in Year2 Product Bread Computer Games Quantity 131.25 1,200.00 Price Per Unit $4.50 S70.00 In Year 2, nominal GDP is equal to: and real GDP is S(enter both responses rounded to the nearest penny) Enter your answer in the edit fields and then click Cheok Answer

Explanation / Answer

Product YEar1 Year2 Year2 Nominal Real Price Price Qty GDP GDP Bread 3 4.5 131.25 590.625 393.75 Computer Game 35 70 1200 84000 42000 Total 84590.63 42393.75 Nominal GDP: $ 84590.63 Real GDP: 42393.75 Note: Nominal GDP of YEar2= Price of Year2*Qty of YEar2 Real GDP of Year2= Price of Yer1 *Qty of Year2

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