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Equation Solution for Calculating GDP, Price Index and Nominal

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Equation Solution

Use the information given in the table below to answer questions 4(a) and 4(b)

(See attachment for table)

(a) Calculate the real GDP for the years 1996, 1997, and 1999.

(b) Calculate the price index for 1998 and the nominal GDP for 2000.

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Solution Summary

The solution provides calculations for GDP, price index and nominal.

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