13 The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and prices ofthese products in 2018 and 2019 are shown in the table below.2018ATION SCHOOLresRicePajamasBeerTotalNominal GDPReal GDPAFYQuantity418210120ItemRicePajamasBeerTotal$$Price$51020QuantityNominal GDP2018$a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below.$$2018 PriceQuantity4502401252019b. The value of the GDP deflator for 2019 isAnswer to one decimal place.c. Supposing the average inhabitant of Sumer consumes 12 units each of beer and rice and 2 units of pajamas each year, complete thefollowing table.2018 Basket costPrice$5.51222< Prevd. The value of the CPI for 2019 is. Answer to one decimal place.O Search2019 Price2019Nominal GDP13 of 14$www2019 Basket costPrice$510SAMSUNG$Next >Real GDP

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The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and price these products in 2018 and 2019 are shown in the table below. 2018 Jil Seas Rice Pajamas Beer Total Item Quantity 410 210 Rice Pajamas Beer 120 Total Price $5 10 20 $ $ Quantity 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. Quantity 450 240 125 $ $ 2019 Nominal GDP Real GDP b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 12 units each of beer and rice and 2 units of pajamas each year, complete t following table. Price $5.5 12 22 2018 Basket cost < Prev 2019 Price Answer to one decimal place. 2019 Nominal GDP $ 13 of 14 Price $5 2019 Basket cost 10 Next > 20 $ Real GDP

The economy of Sumer produces only three products: rice, pajamas, and beer. The base year is 2018. The quantities and price these products in 2018 and 2019 are shown in the table below. 2018 Jil Seas Rice Pajamas Beer Total Item Quantity 410 210 Rice Pajamas Beer 120 Total Price $5 10 20 $ $ Quantity 2018 Nominal GDP $ d. The value of the CPI for 2019 is 2018 Price a. Complete the table above. Calculate the nominal and real GDPs for the two years and enter the values in the table below. Quantity 450 240 125 $ $ 2019 Nominal GDP Real GDP b. The value of the GDP deflator for 2019 is Answer to one decimal place. c. Supposing the average inhabitant of Sumer consumes 12 units each of beer and rice and 2 units of pajamas each year, complete t following table. Price $5.5 12 22 2018 Basket cost < Prev 2019 Price Answer to one decimal place. 2019 Nominal GDP $ 13 of 14 Price $5 2019 Basket cost 10 Next > 20 $ Real GDP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
e. 0 10 20 11 12 13 14 15 16 17 18 19 20 $160,000 ▼ $160,000 V
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