Q: Calculate Nominal GDP if Real GDP is 2700, GDP Deflator is 70 and the price of nutmeg is $10 and…
A: Real GDP can be calculated by using the following formula.
Q: Define GDP
A: GDP or Gross Domestic Product is an indicator of growth.
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A: Real gross domestic product is a macroeconomic measure of the value of economic output adjusted for…
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A: The data presented in the question above is:- GDP deflator = 136 Real GDP = $16,000 Nominal GDP is…
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A: GDP i.e., gross domestic product is the value of a nation's finished domestic goods and services…
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A: The formula for GDP deflator GDP deflator =Nominal GDPReal GDP×100 Base year is 2003 We have to…
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Q: Solve this attachment.
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Q: GDP
A: All the goods and services’ values produced within a duration and inside the country’s boundary…
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A: Real GDP is the GDP which the economy is actually producing ie after the inflation has been taken…
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A: The measure that depicts the market value of goods and services that are being produced within the…
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A: Nominal GDP = 2.1 billion Real GDP = 1.4 billion
Q: Nominal GDP 2018 = $24,200 What is the “real” 2018 GDP measure in 2012 prices if the 2018 price…
A: Real GDP in 2018= Nominal GDP in 2018/ Price index Nominal GDP would be based on current prices…
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A: GDP deflator and Consumer Price Index (CPI) are used to determine price inflation in the economy.…
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Q: According to the chart, if year 1 is the base year, what would be the GDP deflator and consumer…
A: Formula:
Q: If the GDP deflator rose by 10% last year and nominal GDP grew by 7%, then real GDP must have: a.…
A: The GDP price deflator tracks price fluctuations across all commodities and services produced in a…
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A: GDP deflator is used to measure the change in general price level. It measures the price changes of…
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A: Hi student, thanks for posting the question. As per the guideline, we are providing the answer for…
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A: Nominal. GDP = Price * Quantity Nominal GDP in 2008 = 1000*5500+6000*1350+7600*50+1500*670 =…
Q: Calculate REAL GDP if Nominal GDP is 3600, GDP Deflator is 100 and the price of nutmeg is $12 and…
A: Meaning of Real GDP: The term Real GDP refers to as gross domestic product at a stable price of…
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A: GDP per capita is the final value of goods and services per capita.
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A: Gross domestic product refers to the total value associated with the generation of final products…
Q: Calculate GDP deflator from the following table: Year Nominal Real GDP GDP 2000 8952 8952 2001 9200…
A: In an economy, GDP deflator is the measure of inflation using the current information about the…
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A: The monetary value of an asset or service is the amount that would be paid in cash if it were sold…
Q: compute the percentage change in the overall price level. Also use 2017 as the base year
A: GDP deflator measures an increase in value of goods and services over the years.
Q: What is the US GDP for year end 2018? What the personal consumption expenditures for year end 2019
A: The Gross Domestic Product (GDP) is the summation of money value of all the final goods and services…
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A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…
Q: Assume that apples cost $0.50 in 2002 and $1 in 2007, whereas oranges cost $1 in 2002 and $1.50 in…
A: Solution:- Cost of apple in 2002 = $0.50 Cost of apple in 2007 = $1 Cost of oranges in 2002 = $1…
Q: COMPUTE THE NOMINAL GDP
A: A country's nominal GDP is determined using current prices and is not adjusted for inflation.…
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- Question#5Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million Using the midpoint method, calculate the price elasticities of demand for group A and group B.Explain how the discount will affect total revenue from each group.Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?Plot the demand curve from the demand schedule information provided. (see uploaded image) (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?PRICE (Dollars per bippitybop) 282 283 2 120 110 100 90 80 70 50 30 20 10 0 X8 05 10 15 20 25 30 35 40 QUANTITY (Bippitybops) Demand 45 50 55 60 Total Revenue On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70, and $80 per bippitybop.
- Question 6 [A new drug called 'LowG', taken together with any food, reduces the glycemic index (a measure of the impact of the food on blood sugar) by 50%. Annual demand for this new medication can be described by the following table:] Quantity (millions of milligrams) 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Price ($) 1000 900 800 700 600 500 400 300 200 100 0 a) [Rache, a pharmaceutical company, holds the patent on LowG and therefore is the only legal producer of the drug for the next 15 years. Calculate total revenue (TR) and marginal revenue (MR) for Rache at each price. Both Total Revenue (TR) and Marginal Revenue (MR) correctly calculated.(Figure: Graph) Refer to the graph to answer the question. Price S M P Quantity The movement from point S to point T is caused by an increase in the demand for the item. a decrease in the price of the item. an increase in the price of the item. a decrease in the demand for the item.(change in quantity divided by average quantity over selected range) Price elasticity = ------------------------------------------------------------------------ (change in price divided by average price over selected range) Laptop A cost £539 in 2015 and sold 13 million units that year. Laptop A's price increased to 599 in 2016 and sold 78 million units that year. What is the laptop's price elasticity of demand?
- Quantity Quantity Price supplied demanded (dollars per pound) (pounds) (pounds) 4. 4. 6. The above table shows the demand schedule and supply schedule for chocolate chip cookies. If the price is $6.00 per pound, there is a chocolate chip cookies. of pounds of 5. 2.Question: Which of the following factors don’t affect the demand for a commodity?[A] Price of commodity[B] Income of individual consumer[C] Want of the consumer[D] Price of related goodPlease Dont use AI tool.Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) TOTAL REVENUE (Dollars) 195 180 165 910 150 1130 800 1020 090 135 580 120 470 105 360 On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. 250 75 140 60 45 30 15 0 Demand 03 6 9 12 15 18 21 24 27 30 33 36 39 QUANTITY (Scooters) 0 15 30 45 Total Revenue 60 75 90 105 120 125 150 165 180 195 PRICE (Dollars per scooter) A Total Revenue ? (?) According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $30 per scooter, shown as point B on the initial graph. Because the demand between points A and B is in total revenue per week. a $15-per-scooter increase in price will lead to In general,…
- Question 4The Pear company sells a smart phone for $250. Its sales have averaged 8,000 units per month over the last year. Recently, its closest competitor Banana company reduced the price of its smart phone from $350 to $300. As a result, Pear’s sales declined by 1,500 units per month. (a) What is the cross price elasticity of demand between the Pear and Banana smart phone? Use the averaging formula. What does this indicate about the relationship between the two products? (b) If the Pear company knows that the price elasticity of demand for its phone is -1.5, what price would the Pear company have to charge to sell the same number of units as it did before the Banana company price cut? Assume that Banana company holds its price of its phone constant at $300. Use the averaging formula.Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group.C. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A Group B(sales per week) (sales per week) Volume of sales beforethe 10% discount 1.55 million 1.50 million Volume of sales afterthe 10% discount 1.65 million 1.70 million A. Using the midpoint method, calculate the price elasticities of demand for group A and group B. B. Explain how the discount will affect total revenue from each group. C. Suppose Nile.com knows which group each customer belongs to when he or she logs on and can choose whether or not to offer the 10% discount. If Nile.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?