jaywillsom2340 jaywillsom2340

13-02-2020
Business

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Consider the following simple economy that produces only three goods: 2009 (Base Year) 2017 Product Quantity Price Quantity Price Denim pants 80 $40 100 $50 Wine 90 11 80 10 Textbooks 15 90 20 100 Real GDP in 2017 equals $_____

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kaympoey08 kaympoey08

14-02-2020

Answer:

The answer is $6680

Explanation:

To calculate the Real GDP we use prices from the base year.

GDP = 100x40 + 80x11 + 20x90 = $6680

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