Suppose that there are only two goods produced in an economy: haircuts and banking services. Now...

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Suppose that there are only two goods produced in an economy: haircuts and banking services. Now suppose that banking services in year 2 are not the same as banking services in year 1. Year 2 banking services include telebanking, which year 1 banking services did not include. The technology for telebanking was available in year 1, but the price of banking services with felebanking in year 1 was $15, and no one chose to purchase this package. However, in year 2, the price of banking services with telebanking was $14, and everyone chose to have this package (ie, in year 2 no one chose to have the year 1 banking services package without telebanking). Prices, quantities, and the number of workers occupied in the production of each good for year 1 and for year 2 are given in the table below: Year 1 Year 2 Q₁ Q₂ 120 120 190 0 0 220 Haircut Banking (no telebanking) Banking (with telebanking) Using year 1 prices, real GDP in year 2 is $ P₁ 10 10 15 W₁ 50 50 0 (Round your response to the nearest dollar) P₂ 12 12 14 W₂ 50 0 60 Suppose that there are only two goods produced in an economy: haircuts and banking services. Now suppose that banking services in year 2 are not the same as banking services in year 1. Year 2 banking services include telebanking, which year 1 banking services did not include. The technology for telebanking was available in year 1, but the price of banking services with felebanking in year 1 was $15, and no one chose to purchase this package. However, in year 2, the price of banking services with telebanking was $14, and everyone chose to have this package (ie, in year 2 no one chose to have the year 1 banking services package without telebanking). Prices, quantities, and the number of workers occupied in the production of each good for year 1 and for year 2 are given in the table below: Year 1 Year 2 Q₁ Q₂ 120 120 190 0 0 220 Haircut Banking (no telebanking) Banking (with telebanking) Using year 1 prices, real GDP in year 2 is $ P₁ 10 10 15 W₁ 50 50 0 (Round your response to the nearest dollar) P₂ 12 12 14 W₂ 50 0 60

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To calculate the real GDP in year 2 using year 1 prices we need to multiply the quant... View the full answer