Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for2015 and 2016 are shown in the table below:Year20152016Quantities ProducedLaptops = 50Books = 800Laptops = 80Books = ?Price ($)Laptops = 180Books = ?Laptops = 100Books = 10Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round youranswer to one decimal place.a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015.If the real GDP in Britain was $15,000 in 2015, the price of books was: $b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, [c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was:books must have been produced in 2016.%.

Gross domestic product measures the market value of final goods and services produced by a nation…

a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $15,000 in 2015, the price of books was: $ b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, [ books must have been pro

a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015. If the real GDP in Britain was $15,000 in 2015, the price of books was: $ b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, [ books must have been pro

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for
2015 and 2016 are shown in the table below:
Year
2015
2016
Quantities Produced
Laptops = 50
Books = 800
Laptops = 80
Books = ?
Price ($)
Laptops = 180
Books = ?
Laptops = 100
Books = 10
Instructions: In part a, round your answer to two decimal places. In part b, enter your answer as a whole number. In part c, round your
answer to one decimal place.
a. Let's assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015.
If the real GDP in Britain was $15,000 in 2015, the price of books was: $
b. Using your answer from part (a), if the growth rate in nominal GDP was 10%, [
c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was:
books must have been produced in 2016.
%.

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