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 Price of watches 120 126 60 75 $10.00 $30.00 $11.50 $33.00 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 $3360 GDP for 2010 in 2009's prices $ 3510 GDP for 2010 in 2010's prices

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 Price of watches 120 126 60 75 $10.00 $30.00 $11.50 $33.00 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 $3360 GDP for 2010 in 2009's prices $ 3510 GDP for 2010 in 2010's prices

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Milk Honey Price Quantity Price Quantity Year (Dollars) (Quarts) (Dollars) (Quarts) 2020 1 100 2 50 2021 2 100 4 50 2022 2 200 4 100 Using 2020 as the base year, compute nominal GDP, real GDP, and the GDP deflator for each year. Nominal GDP Real GDP Year (Dollars) (Dollars) GDP Deflator 2020 2021 2022
Calculate GDP deflator from the following table: Year Nominal GDP Real GDP 2000 8952 8952 2001 9200 9050 2002 10,000 9500 2003 10,030 9330 2004 11,100 10,000
Using the table below calculate the missing values. Take all calculations to 2 decimal places. $ not required. Year 2010 2011 2012 2013 2014 2015 Nominal GDP 2,450 2,660 2,870 3,155 Number 3,558.4 Real GDP Number 2,745 Number 3,025 3,140 3,353.4 GDP Deflator 0.94 Number 1.00 Number Number 1.06 Number Include a negative sign where appropriate in the following answers: Part 7: Nominal growth rate year (2010-11) Number Part 8: Nominal growth rate year (2012-13) Part 9: Inflation rate year (2010-11) Number Part 10: Real growth rate year (2011-12) Number Part 11: Inflation rate year (2014-15) Number Part 12: Real growth rate year (2013-14) Number
Consider the GDP deflator and real GDP, given in thousands of dollars, for the country of Barbados. Year year 1 year 2 year 3 Real GDP $20,597 $10,557 $40,977 What is the nominal GDP for year 1? What is the nominal GDP for year 2? GDP deflator What is the nominal GDP for year 3? 122 The base year, or base period, is year 3. For the given years, calculate the nominal GDP. Round your answers to the nearest dollar. 113 100 year 1: year 2: year 3: $ $ 13234 Incorrect 12457 Incorrect 40977
The table below presents a brief summary of City A’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate % change for City A’s total spending from 2010 to 2020 in current dollars. *Results round to the nearest 2 decimal places. Calculate % change for City A’s total spending from 2010 to 2020 in constant dollars. *Results round to the nearest 2 decimal places. Why does % change calculated from constant dollars differ from % change calculated from current dollar? Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. 2010 per capita spending: 2020 per capita spending: Calculate the compound annual growth rate of per capita spending from 2010 to 2020…
Calculate GDP given the following. Please leave off the dollar sign in your answers. Item Quantity Price Apples 10 $2 Oranges 20 $2 Bananas 30 $1
Find the last year GDP data and the personal consumption expenditure data (in billions) for the US economy. Section 1: Domestic Product and Income
Only typed answer
The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity Ford Escape SUV's $24,485 307,069 $24,645 308,296 F-Series Trucks $44,400 820,799 $47,800 896,764 A. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. B. Determine the growth rate of nominal GDP (if Ford were the entire economy). C. Determine the growth rate of real GDP (if Ford were the entire economy).
The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity ford escapes $24,485 307,069 $24,645 308,296 ford trucks $44,400 820,799 $24,645 896,764 a. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. b. Determine the growth rate of nominal GDP (if Ford were the entire economy). c. Determine the growth rate of real GDP (if Ford were the entire economy).
Table 1 Quantity Price Quantity Price Item 1990 1990 1991 1991 Coffee 10 ---- 8 $50 Sugar 20 $1 15 $2 Refer to table 1 to answer the below question. In 1990, consumers in Dexter consumed only Coffee and Sugar. The prices and quantities for 1990 and 1991 are listed in table 1. The reference base period for Dexter's is 1990 and the Nominal GDP1990 was 320. Calculate the consumer price index (CPI) in 1991 * 59.37 134.37 168.75 118.75
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. 2010 132 69 2009 120 Quantity of fish Quantity of watches Price of fish 60 $8.00 $9.20 Price of watches $30.00 $31.50 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP for 2010 in 2009's prices 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 $ 69 % % %