Assume that total output in a two-good economy in 2019 consists of 20,000 rolls of toilet paper and 2500 bottles of hand sanitizer, with prices of $2.5 per roll and $20 per bottle. And suppose the output in 2020 is 30,000 rolls and 3000 bottles, with prices $3 per roll, and $23 per bottle. Compute the percentage growth in real GDP in 2020 compared to 2019, using 2019 as a base year.
Get Answers For Free
Most questions answered within 1 hours.