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. Product Shoes Hamburgers. Shirts Cotton 2012 Statistics Quantity 110 75 50 12,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) 2020 Statistics Quantity 120 100 50 12,000 Price $55.00 2.00 30.00 0.09 2021 Statistics Quantity Price $70.00 2.00 25.00 0.07 120 120 65 13,000 Price $75.00 2.25 25.00 0.08

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. Product Shoes Hamburgers. Shirts Cotton 2012 Statistics Quantity 110 75 50 12,000 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) 2020 Statistics Quantity 120 100 50 12,000 Price $55.00 2.00 30.00 0.09 2021 Statistics Quantity Price $70.00 2.00 25.00 0.07 120 120 65 13,000 Price $75.00 2.25 25.00 0.08

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 31P: Table 4.6 shows the amount of savings and barrowing in a market for loans lo purchase homes,...

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The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…
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. Swelling Textbook Costs Have College Students Saying “Pass” Textbook prices have doubled and risen faster than average prices for the past two decades. Sixty per- cent of students do not buy textbooks. Some stu- dents hunt for used copies and sell them back at the end of the semester; some buy online, which is often cheaper than the campus store; some use the library copy and wait till it’s free; some share the book with a classmate. Source: Washington Post, January 23, 2006 Explain what this news clip implies about a. The price elasticity of demand for college text- books. b. The income elasticity of demand for college textbooks. c. The cross elasticity of demand for college text- books from the campus bookstore with respect to the online price of a textbook.
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