In a simple economy, there are only two goods made: fish and bread. In 2014, the price of fish was $5.1 while bread cost$0.9. In 2024, fish prices rose to $8.0 while bread costs $2.0. Assume that 2024 is the base year. If 6,450 units of eachgood were produced and sold in 2014 and 8,562 units of each good were produced and sold in 2024, what was the 2014real GDP? Round your answer to the nearest two decimal place.

Start with the given equation: The equation we're working with is (2x + 3)^2 = 4x + 7.Expand the…

Answered: In a simple economy, there are only two…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2020? Oa. $20.00 O b. $30.00 Oc. $57.50 Od. $85.00 Next page page
To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2000? O a. $20.00 O b. $30.00 O c. $57.50 O d. $85.00 Next page
Assume that an economy produces only lemonade and cookies. The output and prices in 2019 and 2020 are as follows: 2019 2019 Output Prices Lemonade 200 glasses $1 per glass 100 cookies $2 per cookie Cookies 2020 Output 300 glasses 2020 Prices $2 per glass 100 cookies $2 per cookie Suppose that 2019 is the base year. What is the GDP deflator in 2020? Enter its value below. Hint: GDP deflator employs quantity weights from the current year (i.e., 2020).
Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10 each. This year Harry's produced 9,000 large pepperoni pizzas (identical to last year's pizzas) but sold them for $15 each. Based on this information, we can conclude that Harry's production of large pepperoni pizzas Multiple Choice increased nominal GDP by $35,000. did not change nominal GDP. increased real GDP by $35,000. did not change real GDP. please help me and give me best explanation thanku
In 2013, Blackberry bought $100 million in parts in New York and $150 million in parts in Ontario to produce $600 million worth of phones in Ontario. In 2013, Blackberry sold $500 million in phones and paid $200 million in wages, $40 million in interest, and $60 million in rent. Blackberry sold the remaining phones in 2014. Based on this information, what was blackberry's value-added contribution to 2013 Canadian GDP? 1)$600 million 2)$500 million 3)$450 million 4)$350 million 5)$200 million
Country A produces Car (final good), Engine (intermediate good) and milk (final good), and imports Pizza. The table below shows the prices and production levels of Car, Engine and Milk, and the prices of Pizza in two years. The consumption basket of the typical consumer in A consists of one Car, 8 milk and 5 Pizza. Year 2 is the base year. If you need to round your answer, round it off to two decimal places. P of Car Q of Car P of Engine Q of Engine P of Milk Q of Milk P of Pizza Year 1 200 20 40 60 1 100 3 Year 2 220 30 50 50 2 110 3 6.a. Answer A’s GDP deflator in year 1. 6.b. Answer CPI in year 1.
explain how to get these answers
Assuming that a household in Hadililand consumes only apple juice and T-shirts. Last year, which was the base year, the household spent $440 on juice and $132 on shorts. In the base year, juice was $2.2 a bottle and shorts were $11 a pair. This year, juice is $3.3 a bottle, shorts are $13.2 a pair, and a typical household has bought 198 bottles of juice and 15 pairs of shorts. a) What is the basket used in the CPI? b) Calculate the CPI in the current year. c) Calculate the inflation rate in the current year. d) Is the inflation rate that you've calculated likely to be biased? Why or why not?
Suppose that the residents of Mexico spend all their income on cauliflower, broccoli, and carrots. In 2017 they buy 110 heads of cauliflower for $220, 80 bunches of broccoli for $100, and 200 carrots for $50. In 2018, they by 50 heads of cauliflower for $200, 50 bunches of broccoli for $110, and 250 carrots for $100. Assume the base year is 2017. a) What is the CPI in both years? Hints: show steps. b) What is the inflation rate in 2018? Hints: show steps.
Given the following: Ca = $100, Ig = $50, Xn = − $10, and G = $30, what is the economy’s GDP?
Problem 3: Different GDP Techniques Consider the following mini-economy composed of two firms (Firm 1 and Firm 2). Firm 1 is a farm and grows $4,000 of Wheat. Firm 1 keeps $1,000 of wheat in a silo to sell next year. Firm 1 then sells its remaining $3,000 of wheat directly to Firm 2. Firm 1 uses the $3,000 it receives from Firm 2 to pay $2,000 to its workers, $200 on interest payments in outstanding debts, and $800 in taxes. Firm 2 is a bakery and uses the $3,000 of wheat that it purchases to bake bread and sell it. Firm 2 produces $7,000 of bread, selling $2,000 to the Government and selling $5,000 to private consumers. Firm 2 pays its workers $1,000, pays $1,000 in taxes, and the owner keeps the rest of the money remaining as profits. 13. Calculate GDP for this mini-economy using the value-added approach. What is the contribution of each firm to this total GDP? 14. Calculate GDP for this mini-economy using the expenditure approach. What is the contribution of each firm to this total…
An economy produces three goods: organ, apple and organ juice. It is assumed that half of the organ are bought and consumed as final good; the other half is used to produce organ juice. In 2019, 20 KGs of organ are produced at Rs.50/kg, 40 KGs of apple are produced at 100/kg, and 25 Glasses of organ juice are produced at Rs.200/glass. In 2020, 40 KGs of organ are produced at Rs.80/kg, 60 KGs of apple are produced at 110/kg, and 30 glasses of organ juice are produced at Rs.195/glass. Find the following: Assuming 2019 is the base year; calculate the real and nominal GDP in 2019 and 2020

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