The nation of Potchatoonie produces hockey pucks cases of ro

The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities. Instructions: Enter your responses as integer values Pucks Root beer Sandals 2011 2014 Year Quantity Price Quantity PriceQuantity Price 300 250 100 125 $5 $9 $20 $20 100 110 $18 $25 Assume that 2011 is the base year. Find nominal GDP and real GDP for both years Year 2011 2014 Nominal GDP Real GDP

Solution

Nominal GDp 2011 2014 GDP GDP Product Price Quantity Price Quantity 2011 2014 Pucks 5 100 9 125 500 1125 Root Beer 20 300 20 250 6000 5000 Sandals 18 100 25 110 1800 2750 Nominal GDP 8300 8875 Real GDP 2011 2014 GDP GDP Product Price Quantity Price Quantity 2011 2014 Pucks 5 100 9 125 500 625 Root Beer 20 300 20 250 6000 5000 Sandals 18 100 25 110 1800 1980 Real GDP 8300 7605 Year Nominal Real 2011 8300 8300 2014 8875 7605