Suppose the information in the 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.### Table: Product and Price Statistics**2012 Statistics**- **Product**: - Shoes - Hamburgers - Shirts - Cotton- **Quantity**: - Shoes: 110 - Hamburgers: 80 - Shirts: 70 - Cotton: 11,000- **Price**: - Shoes: $55.00 - Hamburgers: $2.50 - Shirts: $40.00 - Cotton: $0.09**2020 Statistics**- **Quantity**: - Shoes: 120 - Hamburgers: 110 - Shirts: 60 - Cotton: 10,000- **Price**: - Shoes: $70.00 - Hamburgers: $2.50 - Shirts: $35.00 - Cotton: $0.08**2021 Statistics**- **Quantity**: - Shoes: 120 - Hamburgers: 125 - Shirts: 85 - Cotton: 11,000- **Price**: - Shoes: $75.00 - Hamburgers: $2.75 - Shirts: $35.00 - Cotton: $0.07### Instructionsa. If the base year is 2012, then the real GDP for 2020 equals $9,275.00 (round your answer to the nearest penny), and the real GDP for 2021 equals [blank] (round your answer to the nearest penny).### Additional Information- The table presents data for three years: 2012, 2020, and 2021, showing quantities and prices of specific goods.- Real GDP is calculated using 2012 as the base year, meaning prices from 2012 are used to evaluate quantities in 2020 and 2021.

* SOLUTION :- *(A) Cotton is an intermediate good. Thus, it can not be included in GDP calculation…

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. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35,00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (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. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35,00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (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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