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Calculate real GDP for all years

Calculate real GDP for all years

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Calculate real GDP for all years

Ag au8nog New coffee machines bought by Starbucks arbucks Starbucks grande mocha frappuccino bought by a student Banking services bought by Target The table below represents the goods that are produced in Surrrey. Bread and water are used by the citizens of the city. Half of all plows are used by the city council, while the rest are used by citizens. Metal is used to produce plows and nothing more. When necessary, use 2013 as the base year. The typical consumer buys 10 bread, 100 water, and 2 plows. Use this table for questions 2-9. Bread Water Plows Metal Price Quantity Price Quantity Price Quantity Price Quantity 2011 $2 100 $1 1000 $150 60 $43 800 1100 $200 1100 $200 2012 $3 110 $1 70 $44 875 2013 $3 120 $1 70 $46 900 2014 $5 120 $2 1100 $210 40 $49 934 2. Calculate Real GDP for all years. (6 pts.) 3. Calculate GDP deflator for all years. (6 pts.) 4. Calculate the GDP growth rate for all adjacent years. (3 pts.) 5. Calculate the basket costs for all years. (6 pts.) 6. Calculate CPI for all years. (6 pts.) 7. Calculate inflation for all adjacent years. (3 pts.) 2 CH work (10 pts )
Transcribed Image Text:Ag au8nog New coffee machines bought by Starbucks arbucks Starbucks grande mocha frappuccino bought by a student Banking services bought by Target The table below represents the goods that are produced in Surrrey. Bread and water are used by the citizens of the city. Half of all plows are used by the city council, while the rest are used by citizens. Metal is used to produce plows and nothing more. When necessary, use 2013 as the base year. The typical consumer buys 10 bread, 100 water, and 2 plows. Use this table for questions 2-9. Bread Water Plows Metal Price Quantity Price Quantity Price Quantity Price Quantity 2011 $2 100 $1 1000 $150 60 $43 800 1100 $200 1100 $200 2012 $3 110 $1 70 $44 875 2013 $3 120 $1 70 $46 900 2014 $5 120 $2 1100 $210 40 $49 934 2. Calculate Real GDP for all years. (6 pts.) 3. Calculate GDP deflator for all years. (6 pts.) 4. Calculate the GDP growth rate for all adjacent years. (3 pts.) 5. Calculate the basket costs for all years. (6 pts.) 6. Calculate CPI for all years. (6 pts.) 7. Calculate inflation for all adjacent years. (3 pts.) 2 CH work (10 pts )
Expert Solution
Step 1

Real GDP is the monetary value of all the final goods and services produced within the national boundaries of an economy calculated at prices in the base year.

 

Here, the final goods are bread, water and plows.

Metal is an intermediate good as its sole use is in production of plows and nothing more.

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