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Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place Calculate the cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). Calculate the cost of the market basket for 2013 (using 1 decimal place). ● ● ● %

Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place Calculate the cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). Calculate the cost of the market basket for 2013 (using 1 decimal place). ● ● ● %

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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Please assist with the calculation of the growth rate and market basket questions
Question 2 Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks W Hamburgers 75 50 100 Shirts Cotton ● 2011 Quantity Price $50 2 30 0.80 W Quantity 100 100 X 50 OO Calculate the nominal GDP for 2011. 800 Calculate the nominal GDP for 2013. Calculate the nominal GDP for 2012. 7,930 2012 6,230 8,479 & Price $60 2 25 10.60 Quantity 100 120 65 2013 120 Price $65 2.25 25 0.70
Transcribed Image Text:Question 2 Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks W Hamburgers 75 50 100 Shirts Cotton ● 2011 Quantity Price $50 2 30 0.80 W Quantity 100 100 X 50 OO Calculate the nominal GDP for 2011. 800 Calculate the nominal GDP for 2013. Calculate the nominal GDP for 2012. 7,930 2012 6,230 8,479 & Price $60 2 25 10.60 Quantity 100 120 65 2013 120 Price $65 2.25 25 0.70
• Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place Calculate the cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). Calculate the cost of the market basket for 2013 (using 1 decimal place). ● Calculate the CPI for 2012 (using 1 decimal place). Calculate the CPI for 2013 (using 1 decimal place). • Calculate the inflation rate for 2012 using the (using 1 decimal place). Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). A Calculate the GDP deflator for 2012. O W Calculate the GDP deflator for 2013 (using 1 decimal place). Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place). X % hp % % % %
Transcribed Image Text:• Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place Calculate the cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). Calculate the cost of the market basket for 2013 (using 1 decimal place). ● Calculate the CPI for 2012 (using 1 decimal place). Calculate the CPI for 2013 (using 1 decimal place). • Calculate the inflation rate for 2012 using the (using 1 decimal place). Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). A Calculate the GDP deflator for 2012. O W Calculate the GDP deflator for 2013 (using 1 decimal place). Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place). X % hp % % % %
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