Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940
Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter23: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 3CQ
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Question
![Imagine an economy that only produces burgers.
Kathleen is the queen of that economy and she has a
grill which sells for $2000 dollars, 5 fryers for $500
each, 200 lbs of potatoes which costs $1/lb, 50 gallons
of oil priced at $2/gallon, 200lbs of beef which costs
$3/pound, 600 burger buns which costs $1/bun, 600
slices of cheese $0.20/slice and 20 lbs of condiments at
$1/lb. She sells a total of 600 burgers at $10/burger
and 600 bags of fries at $3/bag. Assume that, that is all
the transaction she did for the year 2021. What is the
GDP of this economy?
$ 6140
$12300
$11650
$13940](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0fb42ebf-f1a6-4b94-954d-3fc01ecb1727%2Ff7d555b6-8195-4b8d-a4f0-cd37452b5ed7%2Frspa6e9_processed.png&w=3840&q=75)
Transcribed Image Text:Imagine an economy that only produces burgers.
Kathleen is the queen of that economy and she has a
grill which sells for $2000 dollars, 5 fryers for $500
each, 200 lbs of potatoes which costs $1/lb, 50 gallons
of oil priced at $2/gallon, 200lbs of beef which costs
$3/pound, 600 burger buns which costs $1/bun, 600
slices of cheese $0.20/slice and 20 lbs of condiments at
$1/lb. She sells a total of 600 burgers at $10/burger
and 600 bags of fries at $3/bag. Assume that, that is all
the transaction she did for the year 2021. What is the
GDP of this economy?
$ 6140
$12300
$11650
$13940
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