A country has just one resource - labor - that it can use to produce two goods, books and clothing. At first the country has 10 million workers, and each worker can produce either 2 books or 5 units of clothing per day. Suppose the country wants to produce 8 million books. Suppose the price of a book is $10, and the price of a unit of clothing is $20. Using this information and your answer from the last question, calculate the country's GDP (measured in dollars per day). Enter your answer as a number in the space below. (For example, if your answer is $3.75 million, enter it as 3750000 in the space below.)

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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A country has just one resource - labor - that it can use to produce two goods, books and clothing.
At first the country has 10 million workers, and each worker can produce either 2 books or 5 units of
clothing per day.
Suppose the country wants to produce 8 million books.
Suppose the price of a book is $10, and the price of a unit of clothing is $20. Using this
information and your answer from the last question, calculate the country's GDP (measured in
dollars per day). Enter your answer as a number in the space below. (For example, if your
answer is $3.75 million, enter it as 3750000 in the space below.)
Transcribed Image Text:A country has just one resource - labor - that it can use to produce two goods, books and clothing. At first the country has 10 million workers, and each worker can produce either 2 books or 5 units of clothing per day. Suppose the country wants to produce 8 million books. Suppose the price of a book is $10, and the price of a unit of clothing is $20. Using this information and your answer from the last question, calculate the country's GDP (measured in dollars per day). Enter your answer as a number in the space below. (For example, if your answer is $3.75 million, enter it as 3750000 in the space below.)
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