Suppose the information in the following table is for a simple economy that produces only the following four goods: textbooks, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts.200720162017ProductQuantityPriceQuantityPriceQuantityPriceTextbooks100$52.00115$65.00110$70.00Hamburgers853.001203.001353.50Shirts5030.005025.006525.00Cotton1000.808000.601,2000.70a. If the base year is the year 2007, then real GDP for 2016 equals $(Round your response to the nearest cent.)The real GDP for 2017 equals $(Round your response to the nearest cent.)b. The (annual) growth rate of real GDP during 2017 is %. (Round your response to two decimal places.)

Real GDP is calculated as in Base year price. Base Year is 2007Real GDP2016 = Price2007 x Quantity…

Suppose the information in the following table is for a simple economy that produces only the following four goods: textbooks, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2007 2016 2017 Quantity 100 Price Price $65.00 Price $70.00 Product Textbooks Hamburgers Shirts Quantity Quantity $52.00 115 110 85 3.00 120 3.00 135 3.50 50 30.00 50 25.00 65 25.00 Cotton 100 0.80 800 0.60 1,200 0.70 a. If the base year is the year 2007, then real GDP for 2016 equals $]. (Round your response to the nearest cent.) The real GDP for 2017 equals $. (Round your response to the nearest cent.) b. The (annual) growth rate of real GDP during 2017 is %. (Round your response to two decimal places.)

Suppose the information in the following table is for a simple economy that produces only the following four goods: textbooks, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2007 2016 2017 Quantity 100 Price Price $65.00 Price $70.00 Product Textbooks Hamburgers Shirts Quantity Quantity $52.00 115 110 85 3.00 120 3.00 135 3.50 50 30.00 50 25.00 65 25.00 Cotton 100 0.80 800 0.60 1,200 0.70 a. If the base year is the year 2007, then real GDP for 2016 equals $]. (Round your response to the nearest cent.) The real GDP for 2017 equals $. (Round your response to the nearest cent.) b. The (annual) growth rate of real GDP during 2017 is %. (Round your response to two decimal places.)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.3: What Do Economists Do?

Problem 5R

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