Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produce rum and one-half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Sugar cane Quantity Price Quantity Price Quantity Price 240 $0.80 240 $1.00 300 $1.15 Yo-yos 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts 500 2.00 450 2.50 450 2.50 Harmonicas 75 25.00 75 30.00 85 30.00 Peanut butter 100 4.50 85 4.50 85 5.00 Nominal GDP for 2015 is $ 9496.25. (Round your response to two decimal places.) Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. (Round your responses to two decimal places.) Real GDP 2013 Base Year 2013 2014 2015 $
Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produce rum and one-half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Sugar cane Quantity Price Quantity Price Quantity Price 240 $0.80 240 $1.00 300 $1.15 Yo-yos 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts 500 2.00 450 2.50 450 2.50 Harmonicas 75 25.00 75 30.00 85 30.00 Peanut butter 100 4.50 85 4.50 85 5.00 Nominal GDP for 2015 is $ 9496.25. (Round your response to two decimal places.) Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. (Round your responses to two decimal places.) Real GDP 2013 Base Year 2013 2014 2015 $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum,
peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produce rum
and one-half of all the peanuts are used to produce peanut butter.
2013
2014
2015
Product
Sugar cane
Quantity
Price Quantity
Price Quantity
Price
240
$0.80
240
$1.00
300
$1.15
Yo-yos
600
2.50
700
3.00
750
4.00
Rum
150
10.00
160
12.00
180
15.00
Peanuts
500
2.00
450
2.50
450
2.50
Harmonicas
75
25.00
75
30.00
85
30.00
Peanut butter
100
4.50
85
4.50
85
5.00
Nominal GDP for 2015 is $ 9496.25. (Round your response to two decimal places.)
Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as
the base year. (Round your responses to two decimal places.)
Real GDP 2013 Base Year
2013
2014
2015
$
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