### Understanding GDP Calculations with Real Data: Tuland's EconomyThe economy of Tuland produces only two products: shirts and calculators. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. #### Product Data:| Year | Quantity of Shirts | Quantity of Calculators | Price of Shirts | Price of Calculators ||-------|---------------------|-------------------------|-----------------|----------------------|| 2009 | 180 | 60 | $10.00 | $30.00 || 2010 | 189 | 69 | $11.50 | $32.40 |Using the above information, calculate the following values. *(Enter your responses rounded to two decimal places.)*1. **GDP for 2009 in 2009's Prices:**2. **GDP for 2009 in 2010's Prices:**3. **GDP for 2010 in 2009's Prices:**4. **GDP for 2010 in 2010's Prices:**Additionally, analyze the following:5. **Percentage Change in the Price Level with 2009 as the Base Year:** - *Note: Compute the GDP deflator first.* 6. **Percentage Change in the Price Level with 2010 as the Base Year:** - *Note: Compute the GDP deflator first.*7. **Geometric Average of the Two Inflation Rates:**### Explanation of GDP Calculation:#### GDP in Constant Prices (Real GDP):- **For 2009 in 2009's Prices (Base Year 2009):** \[ \text{GDP} = (\text{Quantity of Shirts} \times \text{Price of Shirts}) + (\text{Quantity of Calculators} \times \text{Price of Calculators}) \] Applying the above formula for 2009's quantities and prices, \[ \text{GDP}_{2009}^{2009} = (180 \times 10) + (60 \times 30) = 1800 + 1800 = \$3600 \]- **For 2010 in 2009's Prices (Base Year 2009):** \[ \text{GDP}_{2010}^{2009} = (189 \times 10)

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The economy of Tuland produces only two products shirts and calculators. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of shirts Quantity of calculators 180 189 60 69 Price of shirts $10.00 $11.50 Price of calculators $30.00 $32.40 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 %

The economy of Tuland produces only two products shirts and calculators. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of shirts Quantity of calculators 180 189 60 69 Price of shirts $10.00 $11.50 Price of calculators $30.00 $32.40 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 %

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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