Calculate nominal gdp in britannica for each year

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Reference no: EM13210292

The economy of Britannica produces three goods computers, DVDs, and pizza. the accompanying table show the prices and output of the three goods for years 2010, 2011, and 2012.

year----computers;price--quantity ----- DVDs; price--quantity------ pizza; price--quantity.
2010------------------$900--10 ---------------$10--100 ---------------------$15--2
2011------------------$1,000--10.5 ----------$12--105 ----------------------$16--2
2012------------------$1050--12 -------------$14--110---------------------$17--3

a. What is the percent change in production of each of the good from to 2010 to 2011 and from 2011 to 2012?

b. What is the percent change in prices of each of the goods from 2010 to 2011 and from 2011 to 2012?

c. Calculate nominal GDP in Britannica for each of the three years. What is percent change in nominal GDP from 2010 to 2011 and from 2011 to 2012?

d. Calculate real GDP in Britannica using 2010 prices for each of the three years. What is the percent change in real GDP from 2010 to 2011 and from 2011 to 2012?

Reference no: EM13210292

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