Question: I need help calculating the nominal GDP. I keep getting this answer wrong and I only have one more chance at getting the question correct.
I need help calculating the nominal GDP. I keep getting this answer wrong and I only have one more chance at getting the question correct.
A simple economy produces two goods, Apple Pies
ApplePies and Computer Games
ComputerGames. Price and quantity data are as follows:
(enter both responses rounded to the nearest penny).
Production and prices in year 1 (base year)
Product Qty Price Per Unit
Apple Pies 120 $2.50
Computer Games 650 $40.00
Production and prices in year 2
Apple pies 150.00 $3.75
Computer games 975.00 $80.00
The calculation for real GDP that I get is- 39,375
The calculation that I get for nominal GDP is-
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