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 Price $60.00 2020 Statistics Quantity 100 110 55 10,000 2.50 30.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 90 80 60 11,000 2021 Statistics Price Quantity 100 $65.00 125 2.75 75 30.00 11,000 0.07 Price $50.00 2.50 35.00 0.09 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

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 Price $60.00 2020 Statistics Quantity 100 110 55 10,000 2.50 30.00 0.08 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 90 80 60 11,000 2021 Statistics Price Quantity 100 $65.00 125 2.75 75 30.00 11,000 0.07 Price $50.00 2.50 35.00 0.09 a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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
2020 Statistics
Price Quantity
$50.00
100
2.50
110
35.00
55
0.09 10,000
(round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).
2012 Statistics
Quantity
90
80
60
11,000
Price
$60.00
2.50
30.00
0.08
2021 Statistics
Quantity Price
100 $65.00
125 2.75
75 30.00
0.07
11,000
a. If the base year is the year 2012, then real GDP for 2020 equals $
b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

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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. 2020 Statistics 2021 Statistics Quantity 2012 Statistics Product Quantity Price Quantity Price Price $50.00 $65.00 Shoes Hamburgers Shirts Cotton $60.00 2.00 90 100 100 100 75 2.00 30.00 0.09 120 2.25 50 50 25.00 65 25.00 11,000 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).
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