7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following tableprovides information about the prices and output for these three goods for the years 2018, 2019 and2020.Price perGood XQuantity ofGood XPrice perGood YQuantity ofGood YPrice perGood ZQuantity ofGood ZYear2018$1010$510$10202019$1014$5.211$10212020$1114$5.412$1023e. What was the percentage change in real GDP from 2018 to 2019?f. What was the percentage change in real GDP from 2019 to 2020?

In order to calculate the real GDP, we will use the following formula: Real GDP = Total quantity of…

Answered: 7. Suppose a country produces three…

7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides information about the prices and output for these three goods for the years 2018, 2019 and 2020.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table
provides information about the prices and output for these three goods for the years 2018, 2019 and
2020.
Price per
Good X
Quantity of
Good X
Price per
Good Y
Quantity of
Good Y
Price per
Good Z
Quantity of
Good Z
Year
2018
$10
10
$5
10
$10
20
2019
$10
14
$5.2
11
$10
21
2020
$11
14
$5.4
12
$10
23
e. What was the percentage change in real GDP from 2018 to 2019?
f. What was the percentage change in real GDP from 2019 to 2020?

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