Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 100 $52.00 115 $65.00 110 $70.00 Hamburgers Shirts 85 3.00 120 3.00 135 3.50 70 40.00 60 35.00 85 35.00 Cotton 10,000 0.08 8,000 0.06 12,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny)
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 100 $52.00 115 $65.00 110 $70.00 Hamburgers Shirts 85 3.00 120 3.00 135 3.50 70 40.00 60 35.00 85 35.00 Cotton 10,000 0.08 8,000 0.06 12,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny)
ChapterA: Working With Diagrams
Section: Chapter Questions
Problem 1QP
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![Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further,
assume that all of the cotton is used to produce shirts.
2012 Statistics
2020 Statistics
2021 Statistics
Quantity
Product
Shoes
Quantity
Price
Quantity
Price
Price
100
$52.00
115
$65.00
110
$70.00
Hamburgers
85
3.00
120
3.00
135
3.50
Shirts
70
40.00
60
35.00
85
35.00
Cotton
10,000
0.08
8.000
0.06
12,000
0.07
a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37b6dc87-1846-4069-984c-72fad36623af%2F0fafc819-5544-4921-b74e-ff764e5d4bd7%2Fszz7qjr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further,
assume that all of the cotton is used to produce shirts.
2012 Statistics
2020 Statistics
2021 Statistics
Quantity
Product
Shoes
Quantity
Price
Quantity
Price
Price
100
$52.00
115
$65.00
110
$70.00
Hamburgers
85
3.00
120
3.00
135
3.50
Shirts
70
40.00
60
35.00
85
35.00
Cotton
10,000
0.08
8.000
0.06
12,000
0.07
a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny)
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