Use the following to answer questions :
Table: Lemonade and Cookies
-(Table: Lemonade and Cookies) Look at the table Lemonade and Cookies. Assume that an economy produces only lemonade and cookies. If 2014 is the base year, real GDP in 2014 was:
Definitions:
Retail Pricing
The strategy and process of setting the sale price of goods sold directly to the consumer, taking into account factors like cost, market demand, and competition.
Store Location
The geographical place where a retail store is situated, which can significantly affect its foot traffic and profitability.
Markup
Markup refers to the difference between the cost of a good or service and its selling price, expressed as a percentage of the cost.
Market Conditions
The various factors that influence the demand for and supply of products or services within a market.
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