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Table 12-22
2013 2018 -Refer to Table 12-22

question 238

Essay

Table 12-22
2013 2018
 Product  Quantity  Price  Quantity  Price  Pizzas 100$10120$12 Haircuts 50154520 Backpacks 2004021045\begin{array}{|l|c|c|c|c|}\hline {\text { Product }} & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Pizzas } & 100 & \$ 10 & 120 & \$ 12 \\\hline \text { Haircuts } & 50 & 15 & 45 & 20 \\\hline \text { Backpacks } & 200 & 40 & 210 & 45 \\\hline\end{array}
-Refer to Table 12-22.Suppose that a very simple economy produces three goods: pizzas,haircuts,and backpacks.Suppose the quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above.Use the information to compute real GDP in the year 2013 and 2018.Assume that 2013 is the base year.Is output higher in 2018 or 2013? Why?

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Definitions:

Normal Reaction

A typical or expected response to a specific stimulus or situation based on common experience.

College Student

An individual enrolled in an institution of higher education to pursue a degree or certification.

Junk Food

Food items that are high in calories but low in nutritional value, often containing high levels of sugar, salt, and fat.

Energy Level

A measure of the amount of energy an individual has, which affects their capacity to perform tasks and activities.

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