-The Table Gives Data on the Production and Prices in Data

Essay

$\begin{array}{ccccc} & {\text { Data for 2010 }} &&{\text { Data for 2011 }} \\\hline \text { Item } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Hot dogs } & 4 & \$ 1.50 & 6 & \$ 1.75 \\\text { Pepsi } & 2 & \$ 1.00 & 3 & \$ 1.25\end{array}$
-The table gives data on the production and prices in a small economy.Use 2010 as the base period.
a. What does nominal GDP equal in 2010?
b. What does real GDP equal in 2010?
c. What does nominal GDP equal in 2011?
d. Using the chained-price method, what does real GDP equal in 2011?