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Now, suppose that some goods are not sold. e. Calculate the new real GDP for 2018 (2019 base year) if only 150 hairdryers are sold. f. Calculate the new real GDP 2018 (2019base year) if only 90 hamburgers are sold (hairdryers are back at 200).

Now, suppose that some goods are not sold. e. Calculate the new real GDP for 2018 (2019 base year) if only 150 hairdryers are sold. f. Calculate the new real GDP 2018 (2019base year) if only 90 hamburgers are sold (hairdryers are back at 200).

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Need part e and f .thank you

1. Suppose the US can produce only three goods: hamburgers (a non- durable good), hairdryers (a durable good) and haircuts (a service). The prices and quantities produced for 2018, 2019 and 2020 are listed below. P2018 Q2018 P2019 Q2019 P2020 Q2020 Hamburgers $2.50 100 $3.00 25 $3.25 150 Hairdryers $10.50 200 $11.75 250 $15.75 200 haircuts $11 150 $12 150 $14 195 Suppose that all goods are sold. a. Using 2020 as the base year, calculate the real GDP for 2018, 2019 and 2020. b. How fast did the real GDP grow between 2018 and 2019? c. How fast did the real GDP grow between 2019 and 2020? d. Using 2020 as the base year, calculate the real GDP deflator for 2018, 2019 and 2020. Now, suppose that some goods are not sold. e. Calculate the new real GDP for 2018 (2019 base year) if only 150 hairdryers are sold. f. Calculate the new real GDP 2018 (2019base year) if only 90 hamburgers are sold (hairdryers are back at 200).
Transcribed Image Text:1. Suppose the US can produce only three goods: hamburgers (a non- durable good), hairdryers (a durable good) and haircuts (a service). The prices and quantities produced for 2018, 2019 and 2020 are listed below. P2018 Q2018 P2019 Q2019 P2020 Q2020 Hamburgers $2.50 100 $3.00 25 $3.25 150 Hairdryers $10.50 200 $11.75 250 $15.75 200 haircuts $11 150 $12 150 $14 195 Suppose that all goods are sold. a. Using 2020 as the base year, calculate the real GDP for 2018, 2019 and 2020. b. How fast did the real GDP grow between 2018 and 2019? c. How fast did the real GDP grow between 2019 and 2020? d. Using 2020 as the base year, calculate the real GDP deflator for 2018, 2019 and 2020. Now, suppose that some goods are not sold. e. Calculate the new real GDP for 2018 (2019 base year) if only 150 hairdryers are sold. f. Calculate the new real GDP 2018 (2019base year) if only 90 hamburgers are sold (hairdryers are back at 200).
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