Question: ECON - Questions 3 and 4 Question 3: Calculate current year real GDP, show your work. Question 4: Calculate the nominal and real GDP for

ECON - Questions 3 and 4

Question 3: Calculate current year real GDP, show your work.

Question 4: Calculate the nominal and real GDP for 2014.

ECON - Questions 3 and 4Question 3: Calculate current year real GDP,

3. Use the table below to answer the following questions. Table 20.2.6 There are only two goods in this economy. Price Quantity Base Year Current Year (dollars) (dollars) Bape Year Current Year Loaves of Bread 1.00 2.10 70,000 75000 Computer Disks 1.00 1.80 25,000 18000 Refer to Table 20.2.6. Consider the data in this table. What is current year real GDP? 1. the table below to ansteer the following question. Table 20.2.8 in 2013 Itern Quantity (bunches) Price Bananas 900 $3 a bunch Coconuts 400 $8 a bunch n 2014 Itern Quantity (bunches Price Bananas 700 $2 a bunch Coconuts 500 $10 a bunch 44) Refer to Table 20.2.8. The base year is 2013 and the table gives the quantities produced and the prices in 2013 and 2014. Calculate the nominal and real GDP for 2014

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