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

question 235

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?

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Definitions:

Sampling Distribution

The probability distribution of a given statistic based on a random sample, used to make inferences about the population.

Normal Distribution

A symmetric distribution in the shape of a bell, indicating that occurrences of data close to the mean are more common than those far from the mean.

Statistic

A statistic is a single measure of some attribute of a sample, used to infer or estimate the corresponding attribute in the population.

Pudendal Nerve

A nerve responsible for innervating and providing sensation to the external genitalia, anal region, and urethra.