from the table below: price and quantity for three types of products year 2018  price of pencils 0.50 quantity of pencils 200 price of pens 0.70 quantity of pen 150 price of markers 2.20 quantity of markers 70 year 2019 price of pencils 0.80 quantity of pencils 150 price of pens 1.30 quantity of pen 100 price of markers 2.60 quantity of markers 150 year 2020 price of pencils 1.20 quantity of pencils 100 price of pens 2.00 quantity of pen 50 price of markers 3.50 quantity of markers 200 a) Calculate nominal gdp for each year. b) Calculate real Gdp for each year(base year.2018)

Q: As the price of Oreos rises,  (supply, demand, quantity supplied, quantity demanded) increases and…

A: Let us suppose that the concerned good i.e Oreo is a 'normal good'. If the price of the Oreo rises,…

Q: Price D2 D1 Quantity Which of the following scenarios is most likely to cause the change in the…

A: Demand curve is defined as the measure of some service and goods a customer is willing and ready to…

Q: The market for Sony's Playstation5 game console has changed from 2021 to 2023. With restrictions…

A: Market demand for a commodity can shift as a result of a change in consumers income, their tastes…

Q: article:The supply and demand factors affecting the farm level price for Irish potatoes have…

A: Demand: It is the number of goods or services that a consumer is willing to buy at the prevailing…

Q: Refer to Figure 3. Assume a monopolistic competitive environment: From the 4 graphs depicted, which…

A: monopolistically competitive market: A monopolisticallyy competitive market is a market formation…

Q: Explain the difference between a change in supply and a change in quantity supplied.  What causes…

A: Supply is defined as the amount of a good or service that the suppliers are able and willing to…

Q: The market for fitness trackers is made up of five firms, and the data in the following table…

A: The market quantity supplied is the sum of individual firm quantity supplied for given price level.…

Q: stion 6 What happens to the equilibrium wage and quantity of labor if output price rises? O The…

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…

Q: Assume that the graphs show a competitive market for the product stated in the question. Price Price…

A: The destroy of the crop decreases the crop available in the market and does not change the demand…

Q: (a) The table below lists the per pound prices of meat and potatoes for the months of January,…

A: *SOLUTION :-  *(1)

Q: Why does the scale of the market—the number of copies the frm couldsell—matter?

A: The market is the place where the buyers and sellers interacts with each other and the exchange of…

Q: The next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on…

A: GDP: Gross domestic product or what is commonly known as GDP is the measurement of the final value…

Q: “A household’s decision about what quantity of a particular output, or product to demand depends on…

A: Demand shows the quantity consumer likes to have for utility. As per law of demand, with increase in…

Q: 3. Prime Minister Osiris gives you The following table, which shows the quantity (in millions) of…

A: Nominal GDP is the current GDP value of goods and services at current year prices. Nominal GDP…

Q: efer to the figure below. If Mallory and Rick are the only two consumers in this market and the…

A: Market demand is the total quantity of a product or service that consumers are willing and able to…

Q: Find out the annual and overall change in price ($/litre) of gas oil, diesel oil, and naphtha and…

A: In this world the usable energy is of two types:- Renewable energy sources and non -renewable energy…

Q: 6. 5 4. 3 1 1 2 3.4 56789 10 11 12 13 14 15 1 2 3 4 5 6 78 9 10 Qwater (gallons) Qcatfood (bags) a)…

A: The above two curves drawn shows the quantity(Q) and price(P) of water and cat food purchased. From…

Q: b) If the price stays at the old equilibrium, there would be a [(Click to select) c) What would be…

A: Equilibrium in the market occurs at the intersection of the demand and supply curves.  There is a…

Q: Assume a drought in the Great Plains reduces the supply of wheat. Wheat is a basic ingredient in the…

A: A reduction in the wheat supply will imply insufficient wheat is available in the market to fulfill…

Q: Table 6.2 Year 2016 2017 2018 2019 2020 Price of glitter ($) 1.6 1.65 1.72 1.7 2 Quantity of glitter…

A: GDP or gross domestic product is the sum of the value of all end commodities produced within the…

Q: Figure: Market for Hamburgers Price of hamburger $5.00 4.50 4.00 3.50 3.00 2.50 S1 2.00 1.50 1.00…

A: Producer surplus is the area below the price and above the supply curve and left of the quantity.

Q: Table 1 Production Function and Demand for Labor Schedules Quantity of labor demanded…

A: We are given the schedule for production function and labor demand and supply as follows:

Q: Draw a supply and demand diagram with this information: Please include the  The price axis with a…

A: A demand curve depicts the relationship between price of a commodity and the quantity of commodity…

Q: Table 23-6 The table below contains data for the country of Batterland, which produces only waffles…

A: The total value of final products (here, waffles and pancakes) produced within a country's borders…

Q: perature that summer and the price of swimsuits. Additionally, assume that the cost of Lycra (a…

A: A average temparature is 80 degrees were  Years 1996, 1999, 2003 and 2004 only, we need to Connect…

Q: (a) “This year the weather smiled on us, and we made a good crop,” said a wheat farmer in Manitoba.…

A: The association between the quantity of a product supplied by producers & the quantity demanded…

Q: Use the diagrams below to answer the following questions: Price per gallon ($) Milk Demand in…

A: The demand curve is said to be elastic when the absolute value of elasticity is greater than 1. The…

Q: Explain the impact of higher corn prices on consumers. Draw a graph explaining the impact of higher…

A: Demand-supply equilibrium: The demand function determines the willingness to pay of an individual…

Q: 4. Data on rice sales in the Wonokromo market are as follows: Hari Price (rupiah) Quantity requested…

A: Demand equations are estimated by means of the consumption analysis of a consumer and we can do this…

Q: After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef…

A: Any exogenous shock like negative news in this causes demand curve to shift left.