The table shows the quantities produced and prices in 2015 and 2016 for an economy which produces only food and fun. In 2015 Item Quantity Price The base year is 2016. Food 100 $3 Calculate the value of 2015 production in 2016 prices and the percentage change in production when valued at 2016 prices. Fun $5 In 2016 Item Quantity Price Food 73 $5 The value of 2015 production in 2016 prices is $. Fun 69 $8 change i production when valued at 2016

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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The table shows the quantities produced and prices in 2015
and 2016 for an economy which produces only food and fun.
In 2015
Item
Quantity
Price
The base year is 2016.
Food
100
$3
Calculate the value of 2015 production in 2016 prices and the
percentage change in production when valued at 2016 prices.
Fun
68
$5
In 2016
Item
Quantity
Price
Food
73
$5
The value of 2015 production in 2016 prices is $.
Fun
69
$8
The percentage change in production when valued at 2016
prices is percent.
>>> Answer to 1 decimal place.
>>> If your answer is negative, include a minus sign. If your
answer is positive, do not include a plus sign.
Next
Transcribed Image Text:The table shows the quantities produced and prices in 2015 and 2016 for an economy which produces only food and fun. In 2015 Item Quantity Price The base year is 2016. Food 100 $3 Calculate the value of 2015 production in 2016 prices and the percentage change in production when valued at 2016 prices. Fun 68 $5 In 2016 Item Quantity Price Food 73 $5 The value of 2015 production in 2016 prices is $. Fun 69 $8 The percentage change in production when valued at 2016 prices is percent. >>> Answer to 1 decimal place. >>> If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign. Next
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