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Assume a simplified economy (Economy X) with only three products

Economics

Assume a simplified economy (Economy X) with only three products. Shown below are the quantities produced for each product and the price per unit in years 2014, 2015 and 2016. Use the information in the table to calculate the following (please type the final answer in the blank space):  
Production and Price Statistics for Economy X Product 2014 2015 2016 Quantity Price per unit ($) Quantity Price per unit ($) Quantity Price per unit (S) ,-Sunglasses . 1000  20 1500 25 2000 39 11 -Suntan 1 = lotion  500 10 , 550 11 800 19 Swimmers 100 80 110 80 100 68 
A. Nominal GDP during 2015  B. Nominal GDP during 2016  C. Real GDP during 2015 (assume 2014 D. Real GDP during 2016 (assume 2014 E. GDP deflator for 2015   (1 F. GDP deflator for 2016    (1 
(0.5 mark) (0.5 mark) is the base year)   (0.5 mark) is the base year)   (0.5 mark) mark) mark) 
 

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