Suppose the output and prices in an economy are given as follows: Output of Year Price of Output of medical Price of medical computers computers care care 2020 10 $100 60 $200 2021 11 $50 70 $400 What...

Suppose the output and prices in an economy are given as follows:<br>Output of<br>Year<br>Price of<br>Output of medical<br>Price of medical<br>computers<br>computers<br>care<br>care<br>2020 10<br>$100<br>60<br>$200<br>2021 11<br>$50<br>70<br>$400<br>What is the value of nominal GDP in 2021? (Do not include $ or commas in your<br>answer.)<br>What is the value of real GDP in 2021, measured in<br>base year 2020 prices?<br>What is the value of real GDP in 2020, measured in<br>base year 2021 prices? (Do not include $ or<br>commas in your answer.)<br>

Extracted text: Suppose the output and prices in an economy are given as follows: Output of Year Price of Output of medical Price of medical computers computers care care 2020 10 $100 60 $200 2021 11 $50 70 $400 What is the value of nominal GDP in 2021? (Do not include $ or commas in your answer.) What is the value of real GDP in 2021, measured in base year 2020 prices? What is the value of real GDP in 2020, measured in base year 2021 prices? (Do not include $ or commas in your answer.)

Jun 08, 2022

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Suppose the output and prices in an economy are given as follows: Output of Year Price of Output of medical Price of medical computers computers care care 2020 10 $100 60 $200 2021 11 $50 70 $400 What...

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