Technical manuals price and quantity data

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Reference no: EM131988787

A simple economy produces two? goods, Apple Pies and Technical Manuals Price and quantity data are as? follows:

Production and Prices in Year 1? (Base year)

Product Quantity Price Per Unit

Apple pies 120 $2.50

Technical Manuals 700 $50.00

Production and Prices in Year 2

Product Quantity Price Per Unit

Apple pies 150.00 $3.75

Technical Manuals 1,050.00 $100.00

In Year? 2, nominal GDP is equal? to: ?$ ?

and real GDP is ?$ ?

(enter both responses rounded to the nearest penny?).

Reference no: EM131988787

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