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 thecotton is used to produce shirts.ProductShoesHamburgersShirtsCotton2012 Statistics2020 StatisticsQuantity Price Quantity100 $52.0011585 3.0012035.000.09605512,00012,000Price$65.003.0030.000.072021 StatisticsQuantity1101357513,000Price$70.003.5030.000.08a. If the base year is the year 2012, then real GDP for 2020 equals $ 8265 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to thenearest penny).

In the calculation of GDP we only includes final goods and not the intermediate goods (goods which…

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 100 85 60 12,000 Price $52.00 3.00 35.00 0.09 2020 Statistics Quantity 115 120 55 12,000 Price $65.00 3.00 30.00 0.07 2021 Statistics Quantity 110 135 75 13,000 Price $70.00 3.50 30.00 0.08 a. If the base year is the year 2012, then real GDP for 2020 equals $ 8265 (round your answer to the nearest penny) and the real GDP for 2021 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. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity 100 85 60 12,000 Price $52.00 3.00 35.00 0.09 2020 Statistics Quantity 115 120 55 12,000 Price $65.00 3.00 30.00 0.07 2021 Statistics Quantity 110 135 75 13,000 Price $70.00 3.50 30.00 0.08 a. If the base year is the year 2012, then real GDP for 2020 equals $ 8265 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I need help graphing this, Thank You!!