Compute nominal gdp in every year

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Reference no: EM1344017

Q. Assume the subsequent data describe o/p in two different yrs

a. Compute nominal GDP in every yr.

b. by illustrate what percent (%)age did nominal GDP increase between yr1 also yr 2?

c. now Compute real GDP in yr 2 by using the prices of yr 1.

d. how has real GDP changed from yr 1to yr 2?

Item yr 1 yr2
Apples 20,000@25?every 30,000@30?every
Bicycles 700@$800every 650@ $900every
Video rentals 6,000@$1.50every 7,000@$2.00every

Reference no: EM1344017

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