EXERCISE $20\mathrm{.}4$: CALCULATING NOMINAL GDP FROM RAW DATA

The following data shows the quantities of output a hypothetical economy produced in $2002,2005$ and $2010,$ and the amounts consumed by a typical post$-$secondary student. Base Year $=2002$

$2002$

$2005$

$2010$

Product

Price $

Quantity Produced

Quantity Consumed

Price $

Quantity Produced

Quantity Consumed

Price $

Quantity Produced

Quantity Consumed

New Houses $($units$)$

$41,850$

$48$

$1$

$39,920$

$47$

$1$

$42,250$

$41$

$1$

Coffee $($cups$)$

$1\mathrm{.}4$

$81,250$

$39$

$2\mathrm{.}45$

$80,000$

$33$

$2\mathrm{.}5$

$86,550$

$34$

Pizza $($pieces$)$

$4\mathrm{.}5$

$16,440$

$24$

$5\mathrm{.}5$

$17,850$

$32$

$5\mathrm{.}15$

$21,000$

$29$

Beef $($Kg$)$

$7$

$69,560$

$4$

$12$

$66,640$

$4$

$12\mathrm{.}6$

$68,320$

$3$

Photocopy $($pages$)$

$0\mathrm{.}5$

$59,800$

$125$

$0\mathrm{.}45$

$65,400$

$144$

$0\mathrm{.}5$

$49,200$

$180$