ProductPumpkin PiesTechnical ManualsProductPumpkin PiesTechnical ManualsIn Year 2, nominal GDP is equal to: $and Prices in Year 1 (Base year)Quantity110550Production and Prices in Year 2Quantity137.50825.00Price Per Unitand real GDP is $$3.00$30.00Price Per Unit$4.50$60.00(enter both responses rounded to the nearest penny).

Nominal GDP is calculated by multiplying the current year prices with current year quantities of…

Product Pumpkin Pies Technical Manuals ces in Year Quantity 110 550 Product Pumpkin Pies Technical Manuals (Base year) Price Per Unit Production and Prices in Year 2 Quantity 137.50 825.00 $3.00 $30.00 Price Per Unit $4.50 $60.00 In Year 2, nominal GDP is equal to: $, and real GDP is $ (enter both responses rounded to the nearest penny).

Product Pumpkin Pies Technical Manuals ces in Year Quantity 110 550 Product Pumpkin Pies Technical Manuals (Base year) Price Per Unit Production and Prices in Year 2 Quantity 137.50 825.00 $3.00 $30.00 Price Per Unit $4.50 $60.00 In Year 2, nominal GDP is equal to: $, and real GDP is $ (enter both responses rounded to the nearest penny).

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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