Calculate the real GDP for 2012. Calculate the real GDP for 2013. 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 real GDP for 2012. Calculate the real GDP for 2013. 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 % %
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please help with the calculations.

Transcribed Image Text:• Calculate the real GDP for 2012.
• Calculate the real GDP for 2013.
• 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
%
%

Transcribed Image Text: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
2011
2012
2013
2
25
0.60
Product
Quantity Price Quantity Price
Quantity
Textbooks
90
$50
100
$60
100
Hamburgers 75
2
100
120
Shirts
50
30
50
65
25
Cotton
100
0.80 800
120
0.70
Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided.
Price
$65
2.25
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