A simple economy produces two goods, Apple Pies and Technical Manuals. Price and quantity data are...

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A simple economy produces two goods, Apple Pies and Technical Manuals. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 100 750 Product Apple Pies Technical Manuals Product Apple Pies Technical In Year 2, nominal GDP is equal to: $ Production and Prices in Year 2 Quantity 125.00 1,125.00 Manuals Price Per Unit and real GDP is $ $1.50 $40.00 Price Per Unit $2.25 $80.00 (enter both responses rounded to the nearest penny). A simple economy produces two goods, Apple Pies and Technical Manuals. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 100 750 Product Apple Pies Technical Manuals Product Apple Pies Technical In Year 2, nominal GDP is equal to: $ Production and Prices in Year 2 Quantity 125.00 1,125.00 Manuals Price Per Unit and real GDP is $ $1.50 $40.00 Price Per Unit $2.25 $80.00 (enter both responses rounded to the nearest penny).

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Here are the calculations for nominal GDP and real GDP for Year 2 No... View the full answer