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Simple australian economy

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Suppose that in the simple Australian economy three goods are produced: beds, pillows and sheets. The quantities produced and their corresponding prices for 2011 and 2012 are shown in the following table. What is real GDP in 2012, using 2011 as a base year?

2011

2012

Quantity

Price

Quantity

Price

Beds

50

$100

45

$110

Pillows

200

$40

210

$45

Sheets

100

$10

120

$12

Reference no: EM131168164

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