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Home/ Questions/The annual output and prices of a 3-good economy are shown in the table below
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ptntuto
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ptntuto
Asked: April 11, 20222022-04-11T19:26:46+00:00 2022-04-11T19:26:46+00:00In: Economics

The annual output and prices of a 3-good economy are shown in the table below

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The annual output and prices of a 3-good economy are shown in the table below. 

Good Price Year 1 Quantity of Goods Year 1 Price Year 2 Quantity of Goods Year 2
Quarts of ice cream $5.00 4 $5.00 6
Botties of shampoo $3.00 2 $3.00 3
Jars of peanut butter $2.00 4 $2.00 3

Instructions: Enter your answers as whole numbers. 

a. What was GDP in year 1? Instructions: Enter your answers as whole numbers. 

b. What was GDP in year 2?

Revelant knowledge

GDP: GDP is an abbreviation for Gross Domestic Product. This concept was conceived to quantify the macroeconomics of an economy’s output, as a result of Keynesian economics in the 1930s.

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    Robert Taylor
    2022-04-11T19:26:48+00:00Added an answer on April 11, 2022 at 7:26 pm

    a) GDP in year 1 = 5*4 + 3*2 + 2*4 = 20 + 6 + 8 = $34

    b) GDP in year 2 = 5*6 + 3*3 + 2*3 = 30 + 9 + 6 = $45 

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