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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 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)

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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Hello, Can you answer: 

- 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 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)

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 . 2011 Product Quantity Price Quantity Price Textbooks 90 $50 100 $60 2 100 2 Hamburgers 75 Shirts 50 30 50 25 Cotton 100 0.80 800 0.60 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. • Calculate the nominal GDP for 2011. $6230.00 2012 . 2013 • Calculate the nominal GDP for 2012. • Calculate the nominal GDP for 2013. • Calculate the real GDP for 2011. • 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 cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). $7930.00 $8479.00 . Quantity 100 120 65 120 Price $65 2.25 25 0.70 • 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 CPI (using 1 decimal place). • Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). • Calculate the GDP deflator for 2012. • Calculate the GDP deflator for 2013 (using 1 decimal place). Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place). Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimal place). %
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 . 2011 Product Quantity Price Quantity Price Textbooks 90 $50 100 $60 2 100 2 Hamburgers 75 Shirts 50 30 50 25 Cotton 100 0.80 800 0.60 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. • Calculate the nominal GDP for 2011. $6230.00 2012 . 2013 • Calculate the nominal GDP for 2012. • Calculate the nominal GDP for 2013. • Calculate the real GDP for 2011. • 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 cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). $7930.00 $8479.00 . Quantity 100 120 65 120 Price $65 2.25 25 0.70 • 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 CPI (using 1 decimal place). • Calculate the inflation rate for 2013 using the CPI (using 1 decimal place). • Calculate the GDP deflator for 2012. • Calculate the GDP deflator for 2013 (using 1 decimal place). Calculate the inflation rate for 2012 using the GDP deflator (using 1 decimal place). Calculate the inflation rate for 2013 using the GDP deflator (using 1 decimal place). %
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