From the information from XYZ Highland below,              1       2       3       4       5         6       7     8 Goods Production   Price Per Unit   GDP in Year 1 in current Dollar GDP in Year 2 using Year 1 as base year GDP in Year 1 using Year 2 as base Year GDP in Year 2 in current Dollar   Q1 Q2 P1 P2         A 6 11 $0.50 $0.40         B 7 4 0.30 1.00         C 10 12 0.70 0.90         Total                   Calculate the Nominal GDP for Year 1 and Year 2 Calculate the Real GDP for Year 1 and Year 2 XYZ Highland. What is the percentage change in real GDP for Year 1 and 2

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Question 5

 

From the information from XYZ Highland below, 

 

 

        1

      2

      3

      4

      5

        6

      7

    8

Goods

Production

 

Price Per Unit

 

GDP in Year 1 in current Dollar

GDP in Year 2 using Year 1 as base year

GDP in Year 1 using Year 2 as base Year

GDP in Year 2 in current Dollar

 

Q1

Q2

P1

P2

       

A

6

11

$0.50

$0.40

       

B

7

4

0.30

1.00

       

C

10

12

0.70

0.90

       

Total

               

 

  1. Calculate the Nominal GDP for Year 1 and Year 2
  2. Calculate the Real GDP for Year 1 and Year 2 XYZ Highland.
  3. What is the percentage change in real GDP for Year 1 and 2

 

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