EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Textbook Question
Chapter 20, Problem 2P
Suppose that both wheat and com have an income elasticity of 0.1. LO22.1
a. If the average income in the economy increases by 2 percent each year, by what percentage does the quantity
b. Given that average personal income doubles in the United States about every 30 years, by about what percentage does the quantity demanded of com increase every 30 years, holding all other factors constant?
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Active Learning 4: Computing GDP
Cookies
2021
(base year)
2022
2023
P
Q
P
Q
P
Q
$1 900
$2 1,000
$3
1,250
200 $1,200
210
Smartphones $900 185 $1,000
Use the above data to solve these problems:
A. Compute nominal GDP in 2021.
B. Compute real GDP in 2022.
C. Compute the GDP deflator in 2023.
Mankiw, Principles of Macroeconomics, 10th Edition. 2024 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
34
=4
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