Calculate real and nominal GDP for both years

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The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2001 as the base year.

year 2000 year 2001

ice cream price $7 Quant:600 price $3 Quant: 400

jeans price $70 Quant: 20 price $20 Quant: 90

laptops $300 Quant: 5 price $300 Quant: 5

2000 Nominal GDP=

2001 Nominal GDP=

2000 Real GDP=

2001 Real GDP=

Reference no: EM13886570

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