2019 Product Camera Quantity Price 2022 Quantity Price 100 $10 120 $12 Legal services Books 50 200 15 45 40 210 20 45 A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2019 and 2022 are shown in the table. What is the GDP deflator in 2022 if 2022 is the base year? OA. 120 OB. 118 OC. 100 OD. 87

2019 Product Camera Quantity Price 2022 Quantity Price 100 $10 120 $12 Legal services Books 50 200 15 45 40 210 20 45 A very simple economy produces three goods: cameras, legal services, and books. The quantities produced and their corresponding prices for 2019 and 2022 are shown in the table. What is the GDP deflator in 2022 if 2022 is the base year? OA. 120 OB. 118 OC. 100 OD. 87

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

What is utility
Examples of form utility?
Explain utility and its connection to consumer behavior
5 every day examples of interpersonal utility comparison.
An employee asks her boss whether she can transfer offices so that she can work in a different part of the country. The boss responds positively and says that the employee can choose to work in Cleveland, Miami, or New York City. The boss then hands the employee a list, as shown in the table below, of the salaries that she would earn in the different cities and the average price levels in those same cities. Office location Cleveland Miami New York City Salary ($) 85,000 125,000 165,000 CPI 100 160 205 a. From the standpoint of maximizing the employee's consumption possibilities, she should choose Cleveland Instructions: Round your answer to the nearest whole number. b. The minimum salary in New York City the boss could offer the employee to make her indifferent between moving to Cleveland or New York City is $ 182,750
Answer this question
Differentiate between cardinal and ordinal approach to consumer behaviour
Concert Tickets You are selling seats at an upcoming concert. The concert hall has a total of 8,500 seats, which will include reserved seats and general admission seats. You're selling reserved seats for $9 each and general admission seats for $5 each and are trying to decide how many of each kind of seat to offer. You want to make money on the concert, but also want people who can't afford the more expensive seats to come. You estimate your expenses for putting on the concert to be $50,000. You are hoping to make a profit, or at least break even. Assuming that you sell out the concert: a. Determine an equation for your revenue and profit as a function of the number of reserved seats you offer. b. Graph your revenue and profit equations on the same graph. What do you notice about the two functions? What does the slope of the lines represent in this situation? c. Determine how many reserved seats you would need to offer in order to break even. d. Determine how many reserved seats must…
Teresa works mowing lawns and babysitting. She earns 8.40 an hour for mowing and 6.90 an hour for babysitting. How much will she earn for 5 hours of mowing and 1 hour of babysitting?