Jun

21

The country of Springfield produces three goods?

Filed Under Economics | 1 Comment

Springfield
RobJas M asked:


The country of Springfield produces three goods: pizza, economics textbooks, and video games. The prices and output for the goods are shown for the years 2001 and 2002. The currency in Springfield is the dollar.

Year 2001 Year 2002
Quantity Price Quantity Price
Pizza 150 $10 160 $9
Economics textbooks 20 $100 15 $120
Video games 40 $50 45 $60

5.3. Calculate the real GDP for Springfield in 2001. The base year is 2001.

KROPIDLOWSKI