For the following question(s) , suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table:
-What is the real GDP in year 1 using base year 1?
Definitions:
Variable Expenses
Expenses that change in proportion to the activity of a business, such as sales commissions that rise with increased sales or materials costs that rise with increased production.
Discontinue Product
The decision to stop manufacturing, selling, or supporting a product based on criteria such as sales performance, profitability, or strategic alignment.
Open Market
A market with few restrictions on buy-sell transactions, allowing for free competition and prices dictated by supply and demand.
Surplus Material
Excess materials that are left over after the production process or not used within an operation.
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