Suppose you are studying an economy that produces only one good. In year 1, 83 units were

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Suppose you are studying an economy that produces only one good.

In year 1, 83 units were produced and the price (per unit) in year 1 was $23
In year 2, 136 units were produced and the price (per unit) in year 2 was $25
In year 3 , 186 units were produced and the price (per unit) in year 3 was $30

Assume year 2 is the base year.What is the Nominal GDP in year 3?

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Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

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Posted Date: Mar 18, 2024 12:25 AM

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Suppose you are studying an economy that produces only one good. In year 1, 83 units were

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