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for year 2 are given in the table below: P₁ 9 9 Year 1 Q₁ 100 200 W₁ 40 40 P₂ 11 11 Year 2 Q₂ 100 230 W₂ 40 50 Haircuts Banking Nominal GDP in year 1 is $ (Enter your response to the nearest dollar.) Nominal GDP in year 2 is $ (Enter your response to the nearest dollar.) Using year 1 prices, real GDP in year 2 is $. (Enter your response to the nearest dollar.) The growth rate of real GDP is%. (Round your response to two decimal places.) The rate of inflation using the GDP deflator is%. (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 1 is $ (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 2 is $ (Round your response to two decimal places.) The growth rate of labor productivity between year 1 and year 2 for the whole economy is%. (Round your response to two decimal places and include a minus sign

for year 2 are given in the table below: P₁ 9 9 Year 1 Q₁ 100 200 W₁ 40 40 P₂ 11 11 Year 2 Q₂ 100 230 W₂ 40 50 Haircuts Banking Nominal GDP in year 1 is $ (Enter your response to the nearest dollar.) Nominal GDP in year 2 is $ (Enter your response to the nearest dollar.) Using year 1 prices, real GDP in year 2 is $. (Enter your response to the nearest dollar.) The growth rate of real GDP is%. (Round your response to two decimal places.) The rate of inflation using the GDP deflator is%. (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 1 is $ (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 2 is $ (Round your response to two decimal places.) The growth rate of labor productivity between year 1 and year 2 for the whole economy is%. (Round your response to two decimal places and include a minus sign

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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Suppose that there are only two goods produced in an economy: haircuts and banking services. Prices, quantities, and the number of workers occupied in the product for year 2 are given in the table below: Haircuts Banking (Enter your response to the nearest dollar.) (Enter your response to the nearest dollar.) Nominal GDP in year 1 is $ Nominal GDP in year 2 is $ Using year 1 prices, real GDP in year 2 is $ P₁ 9 9 Year 1 Q₁ 100 200 W₁ 40 40 P₂ 11 11 Year 2 Q₂ 100 230 W₂ 40 50 (Enter your response to the nearest dollar.) The growth rate of real GDP is %. (Round your response to two decimal places.) The rate of inflation using the GDP deflator is%. (Round your response to two decimal places.) (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 1 is $ Using year 1 prices, real GDP per worker in year 2 is $ (Round your response to two decimal places.) The growth rate of labor productivity between year 1 and year 2 for the whole economy is%. (Round your response to two decimal places and include a minus sign if Time Remaining: 0-
Transcribed Image Text:Suppose that there are only two goods produced in an economy: haircuts and banking services. Prices, quantities, and the number of workers occupied in the product for year 2 are given in the table below: Haircuts Banking (Enter your response to the nearest dollar.) (Enter your response to the nearest dollar.) Nominal GDP in year 1 is $ Nominal GDP in year 2 is $ Using year 1 prices, real GDP in year 2 is $ P₁ 9 9 Year 1 Q₁ 100 200 W₁ 40 40 P₂ 11 11 Year 2 Q₂ 100 230 W₂ 40 50 (Enter your response to the nearest dollar.) The growth rate of real GDP is %. (Round your response to two decimal places.) The rate of inflation using the GDP deflator is%. (Round your response to two decimal places.) (Round your response to two decimal places.) Using year 1 prices, real GDP per worker in year 1 is $ Using year 1 prices, real GDP per worker in year 2 is $ (Round your response to two decimal places.) The growth rate of labor productivity between year 1 and year 2 for the whole economy is%. (Round your response to two decimal places and include a minus sign if Time Remaining: 0-
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