Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks 90 Hamburgers 75 50 100 Shirts Cotton 2011 2012 Quantity Price Quantity $50 100 2 100 30 50 0.80 800 Price $60 2 25 0.60 2013 Quantity 100 120 65 120 Price $65 2.25 25 0.70

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 Product Textbooks 90 Hamburgers 75 50 100 Shirts Cotton 2011 2012 Quantity Price Quantity $50 100 2 100 30 50 0.80 800 Price $60 2 25 0.60 2013 Quantity 100 120 65 120 Price $65 2.25 25 0.70

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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