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Table 23-7
a Country Produces Only Ice Cream and Cake

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Essay

Table 23-7
A country produces only ice cream and cake in the quantities and prices listed below. Use 2011 as the base year.
 Year  Price of Ice  Cream  Quantity of Ice  Cream  Price of Cake  Quantity of  Cake 2011$2.00200$10402012$2.30250$14502013$2.75280$1880\begin{array} { | l | l | l | l | l | } \hline \text { Year } & \begin{array} { l } \text { Price of Ice } \\\text { Cream }\end{array} & \begin{array} { l } \text { Quantity of Ice } \\\text { Cream }\end{array} & \text { Price of Cake } & \begin{array} { l } \text { Quantity of } \\\text { Cake }\end{array} \\\hline 2011 & \$ 2.00 & 200 & \$ 10 & 40 \\\hline 2012 & \$ 2.30 & 250 & \$ 14 & 50 \\\hline 2013 & \$ 2.75 & 280 & \$ 18 & 80 \\\hline\end{array}
-Refer to Table 23-7. Calculate real and nominal GDP for the year 2013.


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