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 90 80 70 11,000 Price $50.00 2.50 40.00 0.09 2020 Statistics Quantity 100 110 60 10,000 Price $60.00 2.50 35.00 0.08 2021 Statistics Quantity 100 125 85 11,000 Price $65.00 2.75 35.00 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 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 90 80 70 11,000 Price $50.00 2.50 40.00 0.09 2020 Statistics Quantity 100 110 60 10,000 Price $60.00 2.50 35.00 0.08 2021 Statistics Quantity 100 125 85 11,000 Price $65.00 2.75 35.00 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). 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

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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