Table 12-20 $\quad$ $\quad$ $\quad$

Table 12-20
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ $2016$ $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ $2018$
$\begin{array}{|c|c|c|c|c|}\hline \text { Product } & \text { Quantity } & \text { Price } & \text { Quantity } & \text { Price } \\\hline \text { Hats } & 200 & \$ 20 & 250 & \$ 21 \\\hline \text { French fries } & 2,000 & 1 & 2,300 & 2 \\\hline \text { Digital cameras } & 40 & 200 & 50 & 140\\\hline\end{array}$
-Refer to Table 12-20.Consider the following data for a simple economy: Calculate nominal GDP and real GDP for 2018,using 2016 as the base year.Show your work.

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Nominal GDP for 2018 equals (2...

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