Price Per Unit $5 10 15 20 25 30 Multiple Choice O Refer to the above table. A shortage of 1,500 units will occur when the price is $20. $10. Quantity Demanded Per Quantity Supplied Per Year Year 2,000 1,800 1,600 1,400 1,200 1,000 $25. 0 300 600 900 1,200 1,500

Price Per Unit $5 10 15 20 25 30 Multiple Choice O Refer to the above table. A shortage of 1,500 units will occur when the price is $20. $10. Quantity Demanded Per Quantity Supplied Per Year Year 2,000 1,800 1,600 1,400 1,200 1,000 $25. 0 300 600 900 1,200 1,500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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X.The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2017 and 2018 Price 2017 (Base year) Production Price 2018 Price per Unit ($) Production Price per Unit ($) 55,000 tem Rice ('000 tons) Wheat (000 tons) Tractors mid-size (units) Cotton (000 tons) Used cars ('00) Manufacture garments (000 tons) Eggs (000 Trays Coca Cola ('000 litres) Pepsi Cola ('000 litres) Beef (000 tons) Second hand cloths (000 tons) Alcoholic Beverages ('000 litres) Milk ('000) 50,000 100,000 1.50 2.00 23,000.00 2.00 98,000 45,000 2.50 24,500.00 50,000 120,000 5,000 150,000 110,000 6,000 100.00 120.00 5,000.00 7,000.00 50.00 145,000 70.00 2,000 6,000 2.50 3.50 2,300 6,500 0.80 1.20 700 1.10 850 1.50 5,000 500 500 7,000 6.50 4,800 8.50 15.00 450 25.00 3.25 600 3.75 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and…
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The table below is extracted from Khada Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Item Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5000 60.00 Components used tractor factory production 8,000 500.00 11000 1,200.00 Cloth 8,000 25.00 12,000 30.00 Beef gifts during cultural festival 1,500 2.00 1,700 3.00 Milk litres 5,000 1.30 7,000 2.50 Computers 2000 500.00 2,500 600.00 Printers 500 300.00 400 355.00 Raw materials for car assembling plant 4500 250.00 4450 i. Calculate Khada Republic’s nominal GDP, real GDP in 2020 and GDP deflator ii. Examine the importance of a GDP deflator for Khada Republic
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The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow. Items Base year 2019 2020 Production Price Production Price Used cloth (units) 4,000 50.00 5,000 60.00 Components used tractor factory production (units) 8,000 500.00 11,000 1,200.00 Cloth (units) 8,000 25.00 12,000 30.00 Beef gifts during cultural festival (Kg) 1,500 2.00 1,700 3.00 Milk (litres) 5,000 1.30 7,000 2.50 Computers (Units) 2,000 500.00 2,500 600.00 Printers (Units) 500 300.00 400 355.00 Raw materials for car assembling plant (Units) 4,500 250.00 4,450 300.00 Calculate Happyland Republic’s nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year. ANSWER: Double counting must be avoided when measuring GDP. State and examine four…
Topic: Aggregate Demand