4how can i calculate the real GDP could you please write the formula ECO204 Lecture 1 (1) (Protected View] - PowerPointSign inO Tell me what you want to doT Present in Teams ShareFileHomeInsertDesignTransitionsAnimationsSlide ShowRecordReviewView HelpOPROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.Enable Editing1LECTURE 1A TOUR OF THE BOOr2• Nominal and Real GDP3• Nominal GDP is the sum of the quantities of final goods produced times theircurrent price.• real GDP is constructed as the sum of the quantities of final goods times constant(rather than current) prices.4Quantityof CarsPriceNominalReal GDPYearof CarsGDP(in 2009 dollars)200810$20,000$200,000$240,000200912$24,000$288,000$288,000201013$26,000$338,000$312,0007Slide 6 of 23 English (United Kingdom)E Notes+ 81% XComments19:13P Type here to searcha 40) ENG17/03/2022

Gross domestic product is teh total market value produced in domestic boundaries in a year . It is…

• Nominal and Real GDP • Nominal GDP is the sum of the quantities of final goods produced times their current price. • real GDP is constructed as the sum of the quantities of final goods times constant (rather than current) prices. Quantity of Cars Price Nominal Real GDP Year of Cars GDP (in 2009 dollars) 2008 10 $20,000 $200,000 $240,000 2009 12 $24,000 $288,000 $288,000 2010 13 $26,000 $338,000 $312,000

• Nominal and Real GDP • Nominal GDP is the sum of the quantities of final goods produced times their current price. • real GDP is constructed as the sum of the quantities of final goods times constant (rather than current) prices. Quantity of Cars Price Nominal Real GDP Year of Cars GDP (in 2009 dollars) 2008 10 $20,000 $200,000 $240,000 2009 12 $24,000 $288,000 $288,000 2010 13 $26,000 $338,000 $312,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter13: Positive Externalities And Public Goods

Section: Chapter Questions

Problem 25P: Becky and Sarah are sisters 1who share a room. Their room can easily get messy, and their parents am...

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