The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year 2017 2020 Quantity 100 125 Year 2017 2020 Pucks Price $5 $7 Root beer Quantity 300 250 Price $15 $20 Real GDP $ $ Sandals Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Nominal GDP $ $ Quantity 100 110 Price $20 $25

The nation of Potchatoonie produces hockey pucks, cases of root beer, and sandals. The following table provides data on prices and quantities of the three goods in years 2017 and 2020. Instructions: Enter your responses as whole numbers. Year 2017 2020 Quantity 100 125 Year 2017 2020 Pucks Price $5 $7 Root beer Quantity 300 250 Price $15 $20 Real GDP $ $ Sandals Assume that 2017 is the base year. Find nominal GDP and real GDP for both years. Nominal GDP $ $ Quantity 100 110 Price $20 $25

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 14RQ: Are households demanders or suppliers in the goods market? Are firms demanders or suppliers in the...

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answer D,E,F
Suppose the residents of country P consume only peaches and pecans. The table below shows the prices and quantity of peaches and pecans consumed for two consecutive years. Note that all prices are per bushel. Suppose that the typical consumer basket consists of 10 bushels of peaches and 15 bushels of pecans. Assume 2000 is the base year. Year 2000 2001 Peaches Price $11 $9 76 percent 10 percent 43 percent 8.7 percent Quantity Price 9 What is the inflation rate in 2001? 12 Pecans $6 $10 Quantity 8 15
The next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on purchases of different goods and services in 2020 and 2021 is in the table below. For these problems use 2020 as the base year. Year 2020 Year 2021 Price Quantity Price Quantity Shiba dogs 50 38 40 38 Hugs (at a cuddle café) 6 40 15 40 Doritos Tacos 9 38 12 38 Textbooks 7 20 15 20 economics tutoring 30 41 29 41 Corgis 17 39 34 39 Star Wars toys 33 33 45 33 The SUM function will sum the numbers in a group of cells you highlight.) What was the nominal GDP for Ec102nia in 2021?
The residents of Freedonia currently are consuming seven goods; yogurt, green tea, tofu, bean sprouts, cookie dough ice cream, Tito's Handmade Vodka and housing. The prices and quantities for these goods are given in the following table. Good Yogurt Green Tea Tofu Bean Sprouts Cookie Dough Quantity 3 7 18 Ice Cream Tito's Handmade I Vodka Housing 2018 2 Price 2.40 0.60 1.20 1.00 3.50 22.10 500.00 Quantity 4 9 20 4 7 I 2019 2 Price 2.86 0.72 4.80 1.20 4.00 21.35 505.00 Quantity 6 10 22 6 8 2 2020 2 a. Suppose that 2019 is the base year. Calculate the price index for 2018, 2019 and 2020. b. Determine the rate of inflation for 2019. Determine the rate of inflation for 2020. Price 3.01 0.80 5.10 1.25 4.60 25.50 512.00
Goc x gxE6sNyFVyZ8t6Cr5YQrfcD8Wt sVY/preview pru=AAABd8dfpYk*Dq4nvdIWtKn ZU Table 1 shows some data on the prices and quantities for a simple economy that produces the following goods and services. (Jadual 1 menunjukkan beberapa data harga dan kuantiti untuk sebuah ekonomi sederhanG yang menghasilkan barang dan perkhidmatan berikut ] Table 1 Price and quantity for three types of product Jadual 1 Harga dan kuantiti untuk tiga jenis produk] Year 2018 [Tahun 2018] Price Year 2019 Year 2017 [Tahun 2017] Quantity Kuantili) Product Produk Quantity (Kuantii] [Tahun 2019] Quantity [Kuantiti] Price Price (RM) (Harga RM] 1. (RM) Harga RM)] (RM) Harga (RM)] 1.25 180 75 675 200 200 90 90 100 100 120 06 05 600 05 630 (1) Compute the values of nominal GDP in 2017, 2018 and 2019. (Kirakan nilai-nilai KDNK nominal pada :01 2018 dan 2019] Compute the values of real GDP and GDP deflator in 2018 and 2019 (using 2011 as the base vear). Kirakan nilai-lai KD K sebenar dan KDNK pendefiast pada 2018 dan 2019…
The hypothetical economy shown below produces 3 goods: Good A, Good B, and Good C. The following information shows the production and prices for three goods over three years. Use 2020 as a base year (i.e., 2020 = 100). Year 2019 Year 2020 Year 2021 Quantity of Good A 10 12 14 Price of Good A $0.50 $1.00 $1.50 Quantity of Good B 3 6 9 Price of Good B $1.00 $2.00 $3.00 Quantity of Good C 20 20 20 Price of Good C $0.25 $0.25 $0.25…
answer question B,C,D
The table below lists the prices and quantities consumed of three different goods from 2018-2020. 2018 2019 2020 Good Price ($) Quantity Price ($) Quantity Price ($) Quantity A 12 10 16 18 5 B 5 18 3 30 4 25 1 10 2 10 a. For 2018, 2019, and 2020, determine the amount that a typical consumer pays each year to purchase the quantities listed in the table above. Instructions: Round your answers to the nearest whole number. 2018 2019 2020 Consumer expenditure $ $ $ Instructions: Round your answers to one decimal place. b. The percentage change in the amount the consumer paid is % from 2018 to 2019, and % from 2019 to 2020. c. It is problematic to use your answers to part b as a measure inflation because (Click to select) v Instructions: Round your answers to one decimal place. d. Suppose we take 2018 as the base year, implying that the market basket is fixed at 2018 consumption levels. Using 2018 consumption levels, the rate of inflation was| % from 2018 to 2019, and % from 2019 to 2020.…
Suppose you have the following information about production levels of Ibs. of caviar and bottles of wine, and the market-clearing prices for each of the nine allocations: 5. Caviar Wine Pricecaviar Pricewine GDP Allocation $50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 $166.67 187.50 $350.00 175.00 A 90 100 B 80 200 214.29 250.00 300.00 116.67 87.50 70 300 60 400 E 50 500 70.00 375.00 500.00 58.33 50.00 F 40 600 G 30 700 H 20 800 750.00 43.75 I 10 900 1500.00 38.89 A. How much wine must be sacrificed to produce 1 more lb. of caviar? B. Is allocation point A efficient? (As in class, prove your conclusion with math) C. Which allocation point is efficient? (As in class, prove your conclusion with math) D. Suppose government assesses a tax of $40 per bottle of wine, but no tax on caviar. i) what will be the new equilibrium? Why? ii) how much of the tax is forward shifted? Explain iii) how much of the tax is backward shifted? Explain
Suppose that United States produces 10, 000, 000 barrels of oil and 1,000 bushels of wheat each week. Suppose that China produces 11305 barrels of oil and 11305 bushels of wheat each week. In autarky, what is the largest amount of wheat United States can consume every week?
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Homework 8 Spring 2024: 1. Complete the table below Quantity TCC TVC TC MC AVC ATC 01234561 12 0 -- -- -- 12 20 12 12 46 16 12 20 12 20 12 22 7 12 24 8 12 26 9 12 28 10 12 30 11 12 32 12 12 34 2. Using the table above, create a graph with Quantity on the horizontal axis and dollars on the vertical axis showing the curves for MC, AVC, and ATC. Make 3 copies of this graph for use in problems 3, 4, and 3. Suppose that the firm is a price taking firm competing in a market where the equilibrium price of the product is $18 per unit. Using one of the graphs you copied from question 2, draw in the firm's marginal revenue, average revenue, and market price line. Assuming the firm produces the quantity where MR=MC, designate rectangles for: total revenue, total cost, and total variable cost. Explain, in terms of the relative sizes of the total revenue and total variable cost rectangles, why the firm should continue to operate in the short-run. Designate on the graph the area that represents the…