P P P S50.00 90 SO Macroeconomics (33204 Second 2021/2022 Homework 1 (6 points) Suppose that NANO is an economy that pro

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P P P S50 00 90 So Macroeconomics 33204 Second 2021 2022 Homework 1 6 Points Suppose That Nano Is An Economy That Pro 1 (28.65 KiB) Viewed 31 times

P P P S50.00 90 SO Macroeconomics (33204 Second 2021/2022 Homework 1 (6 points) Suppose that NANO is an economy that produces three goods tennis shoes, tennis balls, and tennis racquets. The table summarizes quantity and prices from three different years. 2010 2011 2012 Product 0 Q Q Shoes 100 S60.00 100 S65.00 Balls 75 $2.00 100 $2.00 120 $2.25 Racquets $30,00 SO $25.00 65 $25.00 1) Calculate Nominal GDP in each year (1.5 points) 2) Calculate Real GDP in each year by fixing prices over the three years by using 2010 prices.) and fill in the table below with your results (Show your work). (1.Spoints) Year Nominal GDP Real GDP 2010 2011 2012 3) Evaluate the changes in the NANO economy over time by using both Nominal and Real GDP. What do you conclude?? (3 points).