The economy of Tuland produces only two products oranges and dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 10 11 Quantity of oranges Quantity of dvds Price of oranges 10 14 $5.00 $5.50 $40.00 $24.00 Price of dvds 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 oranges and dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 10 11 Quantity of oranges Quantity of dvds Price of oranges 10 14 $5.00 $5.50 $40.00 $24.00 Price of dvds 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

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Question

The economy of Tuland produces only two products oranges and dvds. The following information is available for production and prices of Tuland's products for the years 2009 and 2010.
2009
2010
10
11
Quantity of oranges
Quantity of dvds
Price of oranges
10
14
$5.50
$5.00
$40.00
$24.00
Price of dvds
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.)
%. (Enter your response rounded to two decimal places.)
GDP growth rate using 2009 as base year equals
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.)

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