Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1. Good P1 Q1 P2 Q2 Milk $4.10 (gallons) 40 $4.20 50 Beef $1.90 (pounds) $2.20 Carrots $4.50 10 $4.80 15 (bags) Enter numbers rounded to two decimal places in each blank. Real GDP in year 1 is $ Real GDP in year 2 is $ 25 20

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Three goods are produced and consumed in an economy during years 1 and 2. The table
shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each
good. The base year is year 1.
Good
P1
Q1
P2
Q2
Milk
$4.10
(gallons)
40
$4.20
50
Beef
$1.90
(pounds)
$2.20
Carrots
$4.50
10
$4.80
15
(bags)
Enter numbers rounded to two decimal places in each blank.
Real GDP in year 1 is $
Real GDP in year 2 is $
ASUS
25
20
Transcribed Image Text:Three goods are produced and consumed in an economy during years 1 and 2. The table shows prices (P1 and P2) for each good and the quantities produced (Q1 and Q2) for each good. The base year is year 1. Good P1 Q1 P2 Q2 Milk $4.10 (gallons) 40 $4.20 50 Beef $1.90 (pounds) $2.20 Carrots $4.50 10 $4.80 15 (bags) Enter numbers rounded to two decimal places in each blank. Real GDP in year 1 is $ Real GDP in year 2 is $ ASUS 25 20
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