The table below shows total output for an economy over 2 years.2014PriceQuantity$1.00$3.00$6.00coconuts100 unitsbananas200 unitspineapples100 units2015PriceQuantity$2.00$4.00$8.00coconuts120bananas200pineapples90TABLE 20-8Refer to Table 20-8. The implicit GDP deflator in 2015 (using 2015 as the base year)isO A) 100.B) 71.59.C) 139.7.O D) 103.4.E) 114.6.

GDP Deflator is calculated as GDP Deflator = Nominal GDPReal GDPx 100 Nominal GDP is the market…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Description Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? Show your work.in detail Part B: Calculate the opportunity cost of producing jeans for each country. Show your work in detail Part C: Calculate the opportunity cost of producing cell phones for each country. Show your work in detail Part D: Determine how many jeans should be produced by each nation. Show your work in detail. Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology in your…
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The table below shows total output for an economy over 2 years. 2014 Price Quantity coconuts bananas $1.00 100 units $3.00 $6.00 200 units pineapples 100 units 2015 Price Quantity $2.00 $4.00 $8.00 coconuts 120 bananas 200 pineapples 90