Scribd Logo
Upload

Welcome to Scribd!

  • Lecture 3.2

    Uploaded by

    Sam Chan
    25 views1 page
    This document contains a numerical example showing goods and services, their current prices and quantities, and calculations of nominal and real GDP for 2004, 2007, and 2008. It lists three goods - Converse running shoes, Nike running shoes, and a truck - along with their prices and quantities for each year. It then calculates the nominal GDP for each year by multiplying price by quantity for each good and summing the results. Real GDP is also shown for 2004 and 2007 by dividing nominal GDP by a price index.

    Original Description:

    ECON1220 HKU

    Original Title

    lecture 3.2

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document contains a numerical example showing goods and services, their current prices and quantities, and calculations of nominal and real GDP for 2004, 2007, and 2008. It lists three goods - Converse running shoes, Nike running shoes, and a truck - along with their prices and quantities for each year. It then calculates the nominal GDP for each year by multiplying price by quantity for each good and summing the results. Real GDP is also shown for 2004 and 2007 by dividing nominal GDP by a price index.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    25 views1 page

    Lecture 3.2

    Uploaded by

    Sam Chan
    This document contains a numerical example showing goods and services, their current prices and quantities, and calculations of nominal and real GDP for 2004, 2007, and 2008. It lists three goods - Converse running shoes, Nike running shoes, and a truck - along with their prices and quantities for each year. It then calculates the nominal GDP for each year by multiplying price by quantity for each good and summing the results. Real GDP is also shown for 2004 and 2007 by dividing nominal GDP by a price index.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Practice

    Exercise ( Numerical Example 1, p.8 of Handout 2)


    Goods and Services

    Current Price ( Pt )

    Quantity ( Qt )

    2004

    2007

    2008

    GDPt

    Real
    )

    150000

    Nominal GDPt
    ( Pt xQt )

    (1) Converse running shoes

    $500

    60

    (2) Nike running shoes

    $400

    50

    (3) Truck

    $100,000

    (1) Converse running shoes

    $1,000

    60

    500*60+400*50+100000*1

    (2) Nike running shoes

    $800

    50

    =150000

    (3) Truck

    $200,000

    (1) Converse running shoes

    $1,500

    55

    (2) Nike running shoes

    $1,000

    55

    (3) Truck

    $200,000

    $337,500

    $150,000

    $300,000
    149500

    You might also like