The country of Iran produces laptops and food processors. The table below shows price and output data in these industries for the years 2013 through 2015. 201320142015 pricequantitypricequantitypricequantityLaptops$1,200450$1,000600$8001000Food Processors$2002000$3001900$4001600Which of the following shows how to find 2014 GDP in 2015 prices?Group of answer choicesA) $1200 x 600 + $200 x 1900 = $1,100,000B) $800 x 600 + $400 x 1900 = 1,240,000C) $1000 x 600 + $300 x 1900 = $1,170,000D) $1000 x 1000 + $300 x 1600 = $1,480,000E) $1000 x 800 + $300 x 400 = $920,000

Answered: The country of Iran produces laptops…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The country of Iran produces laptops and food processors. The table below shows price and output data in these industries for the years 2013 through 2015.

	2013	2014	2015
	price	quantity	price	quantity	price	quantity
Laptops	$1,200	450	$1,000	600	$800	1000
Food Processors	$200	2000	$300	1900	$400	1600

Which of the following shows how to find 2014 GDP in 2015 prices?

Group of answer choices

A) $1200 x 600 + $200 x 1900 = $1,100,000

B) $800 x 600 + $400 x 1900 = 1,240,000

C) $1000 x 600 + $300 x 1900 = $1,170,000

D) $1000 x 1000 + $300 x 1600 = $1,480,000

E) $1000 x 800 + $300 x 400 = $920,000

Expert Solution

Step 1

Option B is correct.

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