9. 2009 2018 Product Quantity Price Quantity Shoes 90 Hamburgers 75 Shirts 50 Cotton 100 30.00 0.8 $50.00 100 $60.00 2.00 100 2.00 50 25.00 800 0.60 Price Quantity Price 100 $65.00 2.25 25.00 0.7 2019 120 65 120 Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts Use the information in the table to calculate the real GDP for 2018, assuming that the base year 2009
9. 2009 2018 Product Quantity Price Quantity Shoes 90 Hamburgers 75 Shirts 50 Cotton 100 30.00 0.8 $50.00 100 $60.00 2.00 100 2.00 50 25.00 800 0.60 Price Quantity Price 100 $65.00 2.25 25.00 0.7 2019 120 65 120 Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts Use the information in the table to calculate the real GDP for 2018, assuming that the base year 2009
Chapter1: Making Economics Decisions
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
Transcribed Image Text:9.
2009
2018
Product Quantity Price Quantity
Shoes
90
$50.00
100
Hamburgers 75
100
Shirts
50
50
Cotton
100
800
2.00
30.00
0.8
Price
$60.00
2.00
25.00
0.60
2019
Quantity Price
100
$65.00
120
2.25
65
25.00
120
0.7
I
Suppose the information in the following table is for a simple economy that produces only four goods and
services: shoes, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts.
Use the information in the table to calculate the real GDP for 2018, assuming that the base year 2009.
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