Ritzland produces only one good.10,000 units of the good were produced in Ritzland during a certain year and were sold at $42 per unit.The price of each unit of the good 2 years before was $37.
a)Find the real and nominal GDPs of Ritzland taking $37 as the base price.
b)Calculate the GDP deflator for Ritzland for the year in question.

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The Answer of Ritzland produces only one good.10,000 units of the good were produced in Ritzland during a certain year and were sold at $42 per unit.The price of each unit of the good 2 years before was $37.
a)Find the real and nominal GDPs of Ritzland taking $37 as the base price.
b)Calculate the GDP deflator for Ritzland for the year in question.

Ritzland Produces Only One Good