A simple economy produces two goods, Apple Pies and Technical Manuals Price and quantity data are as follows:
A simple economy produces two goods, Apple Pies and Technical Manuals Price and quantity data are as follows:
Production and Prices in Year 1 (Base year)
Product Quantity Price Per Unit
Apple pies 120 $2.50
Technical Manuals 700 $50.00
Production and Prices in Year 2
Product Quantity Price Per Unit
Apple pies 150.00 $3.75
Technical Manuals 1,050.00 $100.00
In Year 2, nominal GDP is equal to: $ ?
and real GDP is $ ?
(enter both responses rounded to the nearest penny).
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