A community for students. Sign up today!
Here's the question you clicked on:
 0 viewing
 2 years ago
Assume there are only two goods in the economy, french fries and onion rings. In 2009, 1,000,000 servings of french fries were sold for 40 cents each and 800,000 servings of onion rings were sold for 60 cents each. From 2009 to 2010 the price of french fries rose to 50 cents and the servings sold fell to 9000,000; the price of onion rings fell to 51 cents and the servings sold rose to 840,000.
Calculate nominal GDP in 2009 and 2010. Calculate real GDP in 2010 using 2009 prices...did you click away yet?
 2 years ago
Assume there are only two goods in the economy, french fries and onion rings. In 2009, 1,000,000 servings of french fries were sold for 40 cents each and 800,000 servings of onion rings were sold for 60 cents each. From 2009 to 2010 the price of french fries rose to 50 cents and the servings sold fell to 9000,000; the price of onion rings fell to 51 cents and the servings sold rose to 840,000. Calculate nominal GDP in 2009 and 2010. Calculate real GDP in 2010 using 2009 prices...did you click away yet?

This Question is Open

geoffb
 2 years ago
Best ResponseYou've already chosen the best response.1Nominal GDP is easy; just calculate P times Q for each good. For real GDP, use prices from year one multiplied by quantities from year two.
Ask your own question
Ask a QuestionFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.