Business, 10.11.2020 14:00 wirchakethan23

Consider the table. Pants
Shirts
Year Price Quantity
2013 $5.00 2000
2014 $8.00
1900
Price
$15.00
$20.00
Quantity
3000
2500
The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,000. Use the
information in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.

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Consider the table. Pants
Shirts
Year Price Quantity
2013 $5.00 2000
2014 $...

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