The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of apples Quantity of computer software Price of apples 50 55 20 40 $1.00 $1.20 Price of computer software $50.00 $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.)

The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of apples Quantity of computer software Price of apples 50 55 20 40 $1.00 $1.20 Price of computer software $50.00 $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Year 2020 2021 2022 Nominal GDP Real GDP (Dollars) 350 700 1,400 (Dollars) GDP Deflator 350 350 700…

A: GDP is the gross domestic product.. GDP is the market value of all the final goods and services…

Q: Consider the data shown in the table. Assume that the economy produces only textbooks. What is the…

A: Because it portrays variations in an economy's fortunes, national income analysis is an important…

Q: produces two goods, Good A and Good B. The following is informatic production of these two goods and…

A: Nominal GDP: Nominal GDP is the monetary value of all final goods and services produced within the…

Q: Suppose that a simple economy produces only the following four goods and services: shoes,…

A: Nominal GDP, or Gross Domestic Product, refers to the sum of the product of final goods price and…

Q: Product Quantity 50 100 Milk Bread Price $1.20 1.00 Price $1.50 1.10 20) Refer to Table 9-2. Assume…

A: The consumer price index measures the overall change in the average price of a market basket…

Q: Calculate real GDP for year 2. (note: use Year 1 as the base year) Price of wine Quantity of wine…

A: Real GDP measures the value of goods and services that are measured at base year prices. It is…

Q: Suppose you have been hired as a management consultant by a major oil company to help it optimally…

A: "GDP or gross domestic product represents the market value of all the final goods and services…

Q: Use the table below to answer the question. 2018 (Base Year) Price $3 $3 Quantity 14 12 2019 Price…

A: Real GDP in 2019 is 39

Q: Units of Price Per Year Output 3 Unit 1 $3 2 2 4 4 3 6 4 7 7 5 8 8 Refer to the above data. Assume…

A: Real GDP is defined as the market value of goods and services produced within an economy and counted…

Q: Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP)…

A: Nominal GDP, or Gross Domestic Product, refers to the sum of the product of final goods price and…

Q: produ 2009 2010 Quantity of apples Quantity of computer software Price of apples Price of computer…

A: Real GDP measures value of goods and services using constant sets of prices. Growth rate= {(final…

Q: The following table shows nominal GDP and an appropriate price index for a group of selected years.…

A: Nominal GDP, unlike real GDP, does not correctly reflect an economy's output. The total national…

Q: Consider the data for a known country for the consumer price index (CPI), by components:(base year…

A: a) The value of the CPI index in December 2018 is 107.76. The value of the CPI index in the Base…

Q: Year Real GDP Nominal GDP 2019 $15,283.65 $16,260.44 2020 $17,573.60 $18,433.70 2021 $19,810.67…

A: GDP is the gross domestic product. GDP is the market value of all final goods and services produced…

Q: 1.. Consider the following GDP data (IMF, WEO Database) China U.S.A. Nominal Real | Nominal Real…

A: Nominal GDP more is the total value of all goods and services that are produced inside its…

Q: Question a) Calculate GDP Deflator of 2009. b) Calculate the Growth rate of real GDP of 2009. c)…

A: Gross domestic product is the final combination of goods and services in a country. GDP is an…

Q: You are provided with the following data – assume the two items produced by an economy are movies…

A: The objective of the question is to calculate the economic growth rate for the year 2020. The…

Q: Question 22 Table 2.1 GDP and its components, 2012 Source: Bureau of Economic Analysis. Table 1.1.5.…

A: Answer to the question is as follows:

Q: 2005 2010 Qty Produced Price Qty Produced Price Guns 80 $ 7 100 $ 8 Butter 50…

A: Real GDP is that GDP which is measure on base year price level. As given 2005 is Base year.

Q: Question 18 HomeworkUhansweed Due Mar 22nd, 11:59 PM Refer to TABLE1. In 2010, this country's real…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP…

A: Formulas: Nominal GDP = Price of commodities in current year * Quantities of commodities in current…

Q: Table 1: Quantity Produced and Price of Good Year 2000 Year 2010 Price of an automobile Quantity of…

Q: Consider the following data for a hypothetical economy that produces two goods, milk and honey.…

A: To solve the given problems, we need to calculate the nominal GDP for each year, determine the…

Q: Table 1 contains price and quantity information for two products produced by Apple, the iPhone and…

A: Nominal gross domestic product (GDP) is calculated as the value of all the final items and services…

Question

100%

The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010.
2009
2010
Quantity of apples
Quantity of computer software
Price of apples
50
55
20
40
$1.00
$50.00
$1.20
Price of computer software
$30.00
Using above information, calculate the following values.
Real GDP for 2009 using 2009 as base year equals $
(Enter your response rounded to two decimal places.)
Real GDP for 2009 using 2010 as base year equals $. (Enter your response rounded to two decimal places.)
Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.)
Real GDP for 2010 using 2010 as base year equals $
(Enter your response rounded to two decimal places.)
GDP growth rate using 2009 as base year equals %. (Enter your response rounded to two decimal places.)
GDP growth rate using 2010 as base year equals %. (Enter your response rounded to two decimal places.)
The arithmetic average of the two growth rates equals %. (Enter your response rounded to two decimal places.)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Consider the data shown in the table. Assume that the economy produces only barrels of oil. What is the nominal GDP for last year? Barrels of Oil Sold Actual Price Last year 80,000 $60 This year 83,000 $63 $5,104,500 $5,229,000 $4,920,000 $4,800,000
Consider a simple economy that produces two goods: plastic cups and seltzers. The following table shows the prices and quantities of the goods over a three-year period. 2019 2020 Price Quantity Price Quantity Year (Dollars per plastic cup) (Number of plastic cups) (Dollars per seltzer) (Number of seltzers) 2018 2 180 4 210 4 160 Year 2018 2 2 4 2019 2020 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2018, dollars) GDP Deflator Plastic cups From 2019 to 2020, nominal GDP The inflation rate in 2020 was 295 140 145 and real GDP Seltzers Why is real GDP a more accurate measure of an economy's production than nominal GDP? Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an…
The economy of Tuland produces only two products fish and watches. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of fish Quantity of watches Price of fish 120 126 60 75 $10.00 $30.00 $11.50 $33.00 Price of watches Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices $ 3000 GDP for 2009 in 2010's prices s43360 GDP for 2010 in 2009's prices $ 3510 GDP for 2010 in 2010's prices Using 2009 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. Using 2010 as the base year, compute the percentage change in the price level, i.e. the inflation rate. hint: you need to compute the GDP deflator first. The geometric average of the two inflation rates
The following table shows the U.S. gross domestic product (GDP) G, in trillions of dollars, as a function of the year t t-Year 2004 2006 2010 G- GDP (trillions of dollars) 11.87 14.37 14.66 (a) Explain in practical terms what G(2004) means. O The expression G(2004) is the average of G(2004) and G(2010). O The expression G(2004) is the U.S. gross domestic product in trillions of dollars in the year 2004. O The expression G(2004) is the year when the U.S. gross domestic product had a value of 14.66 trillion dollars. O The expression G(2004) is the gross domestic product in trillions of dollars, multiplied by 2004. Find (2004). $11.87 trillion (b) Use functional notation to express the gross domestic product in 2009, and estimate that value. (Round the estimated value to two decimal places.) of 2000 trillion (c) What is the average yearly rate of change in G from 2008 to 2010? (Round your answer to two decimal places.) $ trillion (d) Use your answer from part (c) to predict the gross…
Consider a simple economy that produces two goods: plastic cups and paper plates. The following table shows the prices and quantities of the goods over a three-year period. Price Plastic cups Quantity Price Paper plates Quantity (Dollars per plastic cup) (Number of plastic cups) (Dollars per paper plate) (Number of paper plates) Year 2018 2 2019 3 2020 2 255 165 130 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Base year 2018, dollars) GDP Deflator Year (Dollars) 2018 900 2019 1,065 2020 845 From 2019 to 2020, nominal GDP and real GDP The inflation rate in 2020 was 2 3 3 Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP does not include the value of intermediate goods and services, but nominal GDP does. Real GDP is not influenced by price changes, but nominal GDP is. ◇ Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. 195 190 195
The only two products existing are pens and pencils. Year 1 Year 2 Quantity of pens Price of pens 1500 1900 0.05 $ 0.08 Quantity of pencils Price of pencils 1250 1600 0.03 $ 0.05 What is the Real GDP at the end of year 2 (in year 1 prices)? %24 %24
A simple economy produces two goods, Pumpkin Pies and Computer Games. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Product Quantity Pumpkin Pies Computer Games 110 800 Price Per Unit Production and Prices in Year 2 Product Quantity Pumpkin Pies 137.50 Computer Games 1,200.00 In Year 2, nominal GDP is equal to: $, and real GDP is $(enter both responses rounded to the nearest penny). $1.00 $45.00 Price Per Unit $1.50 $90.00
Consider the data in the following table, which represents the total production of the country Byzantium, a country that produces only consumer goods. Table 1: Byzantium 2018 2019 2020 Quantity of Y 100 105 103 Quantity of X 5 3 1 Price of Y $5 $5 $5 Price of X $100 $105 $110 1. Calculate the nominal GDP for all three years ( 2. Calculate real GDP for all three years, using 2018 as the base year 3. Calculate the GDP deflator, using 2018 as the base year. Identify whether there was inflation from the previous year (*
4.
A simple economy produces two goods, Apple Pies and Software. Price and quantity data are as follows: Production and Prices in Year 1 (Base year) Quantity 115 600 Product Apple Pies Software Price Per Unit Production and Prices in Year 2 Quantity 143.75 900.00 Product Apple Pies Software In Year 2, nominal GDP is equal to: $ and real GDP is $ $2.50 $60.00 Price Per Unit $3.75 $120.00 (enter both responses rounded to the nearest penny).
Suppose the output and prices in an economy are given as follows: Output of Year Price of Output of medical Price of medical computers computers care care 2020 10 $100 60 $200 2021 11 $50 70 $400 What is the value of nominal GDP in 2021? (Do not include $ or commas in your answer.) What is the value of real GDP in 2021, measured in base year 2020 prices? What is the value of real GDP in 2020, measured in base year 2021 prices? (Do not include $ or commas in your answer.)
Not a previously submitted/graded question.