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 PiesApple Pies
100
$3.00
Technical ManualsTechnical Manuals
550
$45.00
Production and Prices in Year 2
Product
Quantity
Price Per Unit
Apple PiesApple Pies
125.00
$4.50
Technical Manuals
825.00
$90.00
In Year 2, nominal GDP is equal to:
$,
and real GDP is
$
(enter both responses rounded to the nearest penny ).
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