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nalin [4]
3 years ago
15

Year P (bikinis) Q (bikinis) P (Speedos) Q (Speedos)

Business
1 answer:
mojhsa [17]3 years ago
4 0

Answer:

$2,950

Explanation:

assuming that year 2000 is the base year:

real GDP for 2003 = (bikini price 2000 x bikini quantity 2003) + (speedos price 2000 x speedos quantity 2003) = ($75 x 30) + ($50 x 14) = $2,950

base year's prices become the real prices of the economy, and any change in real GDP is given by changes in output

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If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, what would happen to the equilib
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Aggregate supply (AS) refers to the total quantity of output (goods and services) that firms are willing to produce and sell at a given price in an economy at a particular period of time.

Aggregate demand (AD) can be defined as the total quantity of output (final goods and services) that is demanded by consumers at all possible price levels in an economy at a particular time.

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