An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. In 2018 Calculate the value of 2019 production in 2018 prices and the percentage increase in production when valued at 2018 prices. Item Quantity Price Food 97 $3 Fun 70 $2 The value of 2019 production in 2018 prices is $ In 2019 Item Quantity Price Food 71 $9 Fun 67 $8
An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The base year is 2019. In 2018 Calculate the value of 2019 production in 2018 prices and the percentage increase in production when valued at 2018 prices. Item Quantity Price Food 97 $3 Fun 70 $2 The value of 2019 production in 2018 prices is $ In 2019 Item Quantity Price Food 71 $9 Fun 67 $8
Chapter13: Capital, Interest, Entrepreneurship, And Corporate Finance
Section: Chapter Questions
Problem 1.1P
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![An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The
base year is 2019.
Question Help ▼
Calculate the value of 2019 production in 2018 prices and the percentage increase in production when valued at 2018
prices.
In 2018
Item
Quantity
Price
Food
The value of 2019 production in 2018 prices is $
97
$3
Fun
70
$2
In 2019
Item
Quantity
Price
Food
71
$9
Fun
67
$8
Enter your answer in the answer box and then click Check Answer.
Check Answer
1 part
remaining
Clear All
DII
DD
000
000
F11
F12
80
F9
F10
F7
F8
F6
F4
F5
F3
)
&
24
delet
4
5
6.
7
8
P
Y
U
[
G
H
J K
R](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa189223a-ae85-44b4-9613-606f8ee11505%2F5130f050-a9c2-4991-9d0b-5c926741b189%2Fozv3iu8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An economy produces only food and fun. The table shows the quantities produced and prices in 2018 and 2019. The
base year is 2019.
Question Help ▼
Calculate the value of 2019 production in 2018 prices and the percentage increase in production when valued at 2018
prices.
In 2018
Item
Quantity
Price
Food
The value of 2019 production in 2018 prices is $
97
$3
Fun
70
$2
In 2019
Item
Quantity
Price
Food
71
$9
Fun
67
$8
Enter your answer in the answer box and then click Check Answer.
Check Answer
1 part
remaining
Clear All
DII
DD
000
000
F11
F12
80
F9
F10
F7
F8
F6
F4
F5
F3
)
&
24
delet
4
5
6.
7
8
P
Y
U
[
G
H
J K
R
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how do you calculate the precentage change in production when valued at 2018 prices?
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