Assume that the real output (RO) for a country is expected to be 2.4 million products.
a. If the price level (PL) is $250 per product, what will be the amount of the gross national product (GDP)?
b. Now assume that the GDP is projected to be $8 million next year. What will the PL of the products need to be to reach the GDP target?
c. Now assume that the RO of 2.4 million products is composed of equal amounts of two types of products. The first product sells for $100 each, and the second product sells for $500 each. What will be the size of the GDP?