At this moment, an economy produces just diamonds only in th…
At this moment, an economy produces just diamonds only in the following manner: 32 units at a price of $25 in 2005. Soon after in 2006, the economy is able to produce 45 units at a price of $40. And then in 2007, the economy increases production to 50 units while the price drops to $35. Show your work and calculate the following: 1. Nom GDP in 2006= 2. Nom GDP in 2007= 3. Real GDP in 2005, assume 2007 is the base year= 4. Real GDP in 2007, assume 2006 is the base year= 5. Real GDP in 2007, assume 2005 is the base year=