The economy of Captiosus produces two goods: laptops and books. The quantity produced and the prices of these items for 2022 and 2023 are shown in the table below: Year 2022 2023 Quantities produced Laptops 50 Books = 1,000 Laptops 100 Books = ? Price ($) Laptops 200 Books = ? Laptops 150 Books - 10 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2022, so that real GDP in 2022 equals nominal GDP in 2022. If the real GDP in Captiosus was $15,000 in 2022, the price of books must have been $( Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 10 percent, [ Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2022 and 2023 was books must have been produced in 2023. percent.

The economy of Captiosus produces two goods: laptops and books. The quantity produced and the prices of these items for 2022 and 2023 are shown in the table below: Year 2022 2023 Quantities produced Laptops 50 Books = 1,000 Laptops 100 Books = ? Price ($) Laptops 200 Books = ? Laptops 150 Books - 10 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2022, so that real GDP in 2022 equals nominal GDP in 2022. If the real GDP in Captiosus was $15,000 in 2022, the price of books must have been $( Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 10 percent, [ Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2022 and 2023 was books must have been produced in 2023. percent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The answer should be typed.

The economy of Captiosus produces two goods: laptops and books. The quantity produced and the prices of these items for
2022 and 2023 are shown in the table below:
Year
2022
2023
Quantities produced
Laptops = 50
Books = 1,000
Laptops = 100
Books = ?
Price ($)
Laptops = 200
Books = ?
Laptops = 150
Books = 10
Instructions: Round your answer to two decimal places.
a. Let's assume that the base year was 2022, so that real GDP in 2022 equals nominal GDP in 2022.
If the real GDP in Captiosus was $15,000 in 2022, the price of books must have been $
Instructions: Round your answer to the nearest whole number.
b. Using your answer from part (a), if the growth rate in nominal GDP was 10 percent,
Instructions: Round your answer to one decimal place.
c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2022 and 2023 was
books must have been produced in 2023.
percent.

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Step 1: Define Gross Domestic Product

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Step 2: Calculate the price for books

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Step 3: Calculate the number of books

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Step 4: Calculate real GDP growth rate.

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