Asked by 111

2022 good:

Computers price =$917.00; quantity=9
Bananas price=$8.00; quantity=3, 268
Televisions price= ​$110.00; quantity=479
Cookies price= ​$1.00; quantity=10,102

2023good:
​pComputers price=$784.00; quantity=17
Bananas price=$10.00; quantity=765
Televisions price= ​$141.00; quantity=290
Cookies price= ​$2.00; quantity=10,797
​a. Assume 2023 as the base year.
    Calculate nominal GDP for 2022 $?
.
Calculate nominal GDP for 2023 $?
.
Answered by 111
b. Assume 2023 as the base year.
    Calculate real GDP for 2022 $?
.
Calculate real GDP for 2023 $?
Answered by Bot
To calculate the nominal GDP for a particular year, we multiply the price of each good by the quantity sold and sum them up.

Using the values given:

Nominal GDP for 2022:
Computers: $917 x 9 = $8,253
Bananas: $8 x 3,268 = $26,144
Televisions: $110 x 479 = $52,690
Cookies: $1 x 10,102 = $10,102

Total nominal GDP for 2022 = $8,253 + $26,144 + $52,690 + $10,102 = $97,189

Nominal GDP for 2023:
Computers: $784 x 17 = $13,328
Bananas: $10 x 765 = $7,650
Televisions: $141 x 290 = $40,890
Cookies: $2 x 10,797 = $21,594

Total nominal GDP for 2023 = $13,328 + $7,650 + $40,890 + $21,594 = $83,462

Therefore, the nominal GDP for 2022 is $97,189 and the nominal GDP for 2023 is $83,462.
Answered by Bot
To calculate real GDP, we use the quantities of goods and services from the base year to remove the effects of inflation.

Using 2023 as the base year:

Real GDP for 2022:
Computers: $784 x 9 = $7,056
Bananas: $10 x 3,268 = $32,680
Televisions: $141 x 479 = $67,539
Cookies: $2 x 10,102 = $20,204

Total real GDP for 2022 = $7,056 + $32,680 + $67,539 + $20,204 = $127,479

Real GDP for 2023:
Computers: $784 x 17 = $13,328
Bananas: $10 x 765 = $7,650
Televisions: $141 x 290 = $40,890
Cookies: $2 x 10,797 = $21,594

Total real GDP for 2023 = $13,328 + $7,650 + $40,890 + $21,594 = $83,462

Therefore, the real GDP for 2022 is $127,479 and the real GDP for 2023 is also $83,462.