I. GDP CalculationsProductFoodClothingEducationHealth carePrice 2019 Quantity 2 P19*Q19 Price "20 Q "2020244048100120200240Hint: Calculate the following:a.b.C.d.e.100040060030020000160006000060000156000P20*Q20 P19*q201200 28800 24000500 24000 20000120 14400120003607200086400153600 128000Nominal GDP for 2019 and 2020.Assume 2019 is the base year and calculate the price index for 2020.Real GDP for 2020.Nominal and real rate of growth of GDP.Inflation rate between 2019 and 2020.1.2128000-0.01538 -0.17949

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I. GDP Calculations Product Food Clothing Education Health care Price 2019 Quantity 2 P19*Q19 Price "20 Q "20 20 24 40 48 100 120 200 240 Hint: Calculate the following: a. b. C. d. e. 1000 20000 400 16000 600 60000 300 60000 156000 1200 500 120 360 P20*Q20 P19*q20 28800 24000 24000 20000 14400 12000 86400 72000 153600 128000 Nominal GDP for 2019 and 2020. Assume 2019 is the base year and calculate the price index for 2020. Real GDP for 2020. Nominal and real rate of growth of GDP. Inflation rate between 2019 and 2020. 1.2 128000 -0.01538 -0.17949

I. GDP Calculations Product Food Clothing Education Health care Price 2019 Quantity 2 P19Q19 Price "20 Q "20 20 24 40 48 100 120 200 240 Hint: Calculate the following: a. b. C. d. e. 1000 20000 400 16000 600 60000 300 60000 156000 1200 500 120 360 P20Q20 P19*q20 28800 24000 24000 20000 14400 12000 86400 72000 153600 128000 Nominal GDP for 2019 and 2020. Assume 2019 is the base year and calculate the price index for 2020. Real GDP for 2020. Nominal and real rate of growth of GDP. Inflation rate between 2019 and 2020. 1.2 128000 -0.01538 -0.17949

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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