0StatsGood Year PriceCars. 2020 $10,000Tires 2020 $50@2WHomework Question 4: All Tired OutThe economy of Toyotonia produces two goods: cars and tires. The tires that are produced aresold directly to car manufacturing companies while the cars are sold directly to consumers. Eachnew car that is produced requires 5 new tires (4 tires for driving on and one spare tire). The pricesand quantities of goods purchased in Toyotonia are provided in the table below. For simplicity,assume the following: no other goods or services produced or consumed in the economy.S#3Ea) Calculate the value of inventory investment for 2020 and for 2022.b) Calculate Nominal GDP for 2020 and 2022.c) Calculate Real GDP for 2020 and 2022, using 2020 as the base year.d) Assume the tires were imported. Redo b) and c).e) Ignore d). Of the 100 cars produced in Toyotonia in 2022, suppose only 30 cars sold in 2022.The remaining 70 will be sold in 2023. Recalculate inventory investment, Nominal GDP andReal GDP for 2022 using this new information.$4Econ 102pRFQuantity Year Price10020222022 $60$10,000600do 5%TEcon 102pGOP^6TY*OH&7Quantity100400Abnormal Psych8J1(9K0)0P5@EEcon 201

Inventory Investment : Out of all the goods and services which are produced in an accounting year…

ts Econ 102p Good Year Price Cars 2020 $10,000 Tires 2020 $50 Econ 102p x O* Homework Question 4: All Tired Out The economy of Toyotonia produces two goods: cars and tires. The tires that are produced are sold directly to car manufacturing companies while the cars are sold directly to consumers. Each new car that is produced requires 5 new tires (4 tires for driving on and one spare tire). The prices and quantities of goods purchased in Toyotonia are provided in the table below. For simplicity, assume the following: no other goods or services produced or consumed in the economy. Quantity Year Price 100 2022 $10,000 600 2022 $60 Abnormal Psych Quantity 100 400 a) Calculate the value of inventory investment for 2020 and for 2022. b) Calculate Nominal GDP for 2020 and 2022. c) Calculate Real GDP for 2020 and 2022, using 2020 as the base year. J C Econ 20

ts Econ 102p Good Year Price Cars 2020 $10,000 Tires 2020 $50 Econ 102p x O* Homework Question 4: All Tired Out The economy of Toyotonia produces two goods: cars and tires. The tires that are produced are sold directly to car manufacturing companies while the cars are sold directly to consumers. Each new car that is produced requires 5 new tires (4 tires for driving on and one spare tire). The prices and quantities of goods purchased in Toyotonia are provided in the table below. For simplicity, assume the following: no other goods or services produced or consumed in the economy. Quantity Year Price 100 2022 $10,000 600 2022 $60 Abnormal Psych Quantity 100 400 a) Calculate the value of inventory investment for 2020 and for 2022. b) Calculate Nominal GDP for 2020 and 2022. c) Calculate Real GDP for 2020 and 2022, using 2020 as the base year. J C Econ 20

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

See similar textbooks

Similar questions

Time left 0:56:44 All of the following except one would increase the amount of a particular model of a Ford automobile that buyers would like to buy. Which is the exception? Select one: O a. an increase in buyers' incomes O b. increased prices of other Ford models an expected future increase in the price Ос. O d. a decrease in the price of steel an increase in the population O e. Next ge eg IMG_7969.jpeg JPEG
If a 10% decrease in the price of one product thatyou buy causes an 8% increase in quantity demandedof that product, will another 10% decrease in the pricecause another 8% increase (no more and no less) inquantity demanded?
Q11
I need the answer as soon as possible
As a consumer, how can you sustain your needs (basic commodities) despite the challenges in increased price of theseitems in the market? How can you makeuse of your imitative, and utilize your income to satisfy your demands at the most affordable prices?
Price per arginal Utility Fron Current Consumption Product Unit $ 10 20 20 30 The table shows the marginal utite derived trom curent consumpton leves of three new products. A B and C at are being sold in the maet at the prces isted The contumer can imniediately gan the most extra total utity by winching spending from Mnple Choce ANE
Give typing answer with explanation and conclusion
You are working for the chiefeconomist at Microsoft. Microsoft’s only significantcosts to producing and distributing a new version itit’s operating system is $30,000 in wages to itsemployees, $15,000 in computer testing, and$5,000 in utilities. Microsoft’s marketing department estimates that thedemand a new version it it’s operating system is Q = 320 – 0.5 P, with Pmeasured in dollars.What price should Microsoft charge for a new version it it’s operatingsystem? What profit should Microsoft expect?
* Mind Tap - Cengage Learng ck here to access Mindtap E MINDTAP cer 3 S/D shifts ment: HWK 4 Chapter 3 S/D shifts Assignment Score: 0.00% Save Submit Assignment for Grading ns a2ec13r.03.084 Question 1 of 10 » An increase in the expected price of corn would likely do the following to the current supply and demand for corn: a. increase the demand, but decrease the supply. b. decrease both the demand and the supply. c. increase both the demand and the supply. d. increase the supply, but decrease the demand.
The government of the island nation of Autarka has become increasingly concerned aboutthe health and wellbeing of low income households. Medical experts stress the importanceof a healthy diet in this regard. They have determined that, ideally, a household wouldconsume at least 5kg of fresh fruit and vegetables each week.The government has proposed implementing a new voucher scheme to ensure that the5kg per week consumption target is met. Under the government’s proposal, the voucherswould be redeemable for fresh fruit and vegetables, but could not be used for other typesof food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme,the value of the vouchers sent to a household would be linked to the household’s income.Community groups in Autarka have expressed concern that a voucher scheme is unnec-essarily paternalistic; depriving low income households of the choice of how to spend theirincome. These groups argue that the government’s consumption targets could…
AABI AaBbCc AaBbC AaßbCcDc AaBbCcDc úlgaell 2 ülgis 1 ülgas blaí 1 T 3 4 5 6 Production Year 1 Year 2 Good X 50 Prices Year 3 Year 1 Year 2 Year 3 60 $1.20 $1.00 $0.60 $1.20 $0.60 50 Good Y 100 120 140 $1.00 1-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is 2-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is 4-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6-Assume that this economy produces only two goods Good Xand Good Y. If year 1 is the base year, the value for this…
Shoes 05 O 0.5 2 30 What is pButter/pShoes? 1/5 150 Butter