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Table 4.23 -Refer to Table 4.23.Suppose That a Very Simple Economy Produces

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Table 4.23 Table 4.23 -Refer to Table 4.23.Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks.Suppose the quantities produced and their corresponding prices for 2013 and 2015 are shown in the table above.Use the information to compute real GDP in the year 2013 and 2015.Assume that 2013 is the base year.Is output higher in 2015 or 2013? Why?
-Refer to Table 4.23.Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks.Suppose the quantities produced and their corresponding prices for 2013 and 2015 are shown in the table above.Use the information to compute real GDP in the year 2013 and 2015.Assume that 2013 is the base year.Is output higher in 2015 or 2013? Why?

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