Homework Answers
Answer:
Working:
Real GDP in year 2 (using year 1 prices) is = 20 * $15 + 25 * $25 = $925
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Quantity Price Year Shirts Shoes Shirts Shoes 15 20 $15 s20 $25 $30 20 25 Given...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table:20112012QuantityPriceQuantityPriceT-Shirts90$25108$25Red Bull (cans)510$2510$3Pizza (slices)980$3900$6Nominal GDP in 2011 was $nothing and nominal GDP in 2012 was $nothing. (Enter your responses as integers.)If 2011 is the base year, real GDP in 2011 was $nothing and real GDP in 2012 was $nothing. (Enter your responses as integers.)Based on your answer above, the percentage change in real GDP between 2011...
2009 2013 (base year) Price Quantity Price Quantity Cameras Legal Services Books $10 100 $15 50...
2009 2013 (base year) Price Quantity Price Quantity Cameras Legal Services Books $10 100 $15 50 $40 200 $12 120 $20 45 $45 210 7. Nominal GDP in 2009 equals $ for the economy shown above. 2013 is the base year. 8. Nominal GDP in 2013 equals for the economy shown above. 2013 is the base year. t price index in 2009 equals 9. The ound to a whole number). 2013 is the base year 10. The price index in...
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.00 2000 $15.00 3000 2014 $8.00 1...
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $5.00 2000 $15.00 3000 2014 $8.00 1900 $20.00 2500 The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,000. Use the information in the table to answer the questions. What is nominal GDP in 2014? What is real GDP in 2014? Use 2013 as the base year Real output from 2013 to 2014 has increased. stayed the same. experienced...
Suppose that the quantity supplied Sand quantity demanded D of T-shirts at a concert are given...
Suppose that the quantity supplied Sand quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= -250 + 50p D(p) = 1000 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $(Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number) (b) Determine the prices for...
The following table shows nominal GDP and an appropriate price index for a 5 year period. Using the values in the...
The following table shows nominal GDP and an appropriate price index for a 5 year period. Using the values in the table, calculate the value of real GDP for each year. Enter your response at whole numbers) dominal GOP Real GDP (illions Mons of dollars) Price Index of dollars) The economy above has experience OA rising price level O ring real GOP throughout the son of rang real GDP in only some of the O Click to select your answers)...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 Quantity 90 T-Shirts Red Bull (cans) Pizza (slices) Price $24 $2 $3 2012 Quantity 108 500 940 Price $24 $3 $6 500 1020 Nominal GDP in 2011 was $ 6220 and nominal GDP in 2012 was $ 9732). (Enter your responses as integers.) If 2011 is...
Consider the table. Shirts Pants Year Price Quantity Price Quantity 2013 $7.50 750 $12.50 4000 2014...
Consider the table.
Shirts
Pants
Year
Price
Quantity
Price
Quantity
2013
$7.50
750
$12.50
4000
2014
$12.00
600
$18.50
3500
The table contains prices and output for a two good economy.
Nominal and real GDP in 2013 are both $55,625. Use the information
in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.
$
Real output from 2013 to 2014 has
stayed the same....
Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are...
Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= - 250 + 60p D(p) = 1100 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $ (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number.) (b) Determine...
You are trying to figure out what combination of shoes and shirts to buy, given that...
You are trying to figure out what combination of shoes and shirts to buy, given that you currently have an income of $600.00 to spend. The price of product A is $100.00, while the price of product B is $50.00. Below is a list of the total and marginal utility you derive from consuming both products. PRODUCT A PRODUCT B Quantity Total Utility Marginal Utility Quantity Total Utility Marginal Utility 0 0 ------ ...
Suppose the information in the following table is for a simple economy that produces only the...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2009 Statistics Quantity Price Quantity 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton 110 $55.00 3.00 70 40.00 0.90 120 60 12,000 120 $70.00 3.00 35.00 0.75 Price Quantity Price 120 $75.00 3.50 85 35.00 0.80 85 135 12,000 13,000 a. f the...
2009 2013 (base year) Price Quantity Price Quantity Cameras Legal Services Books $10 100 $15 50 $40 200 $12 120 $20 45 $45 210 7. Nominal GDP in 2009 equals $ for the economy shown above. 2013 is the base year. 8. Nominal GDP in 2013 equals for the economy shown above. 2013 is the base year. t price index in 2009 equals 9. The ound to a whole number). 2013 is the base year 10. The price index in...
Suppose that the quantity supplied Sand quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= -250 + 50p D(p) = 1000 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $(Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number) (b) Determine the prices for...
The following table shows nominal GDP and an appropriate price index for a 5 year period. Using the values in the table, calculate the value of real GDP for each year. Enter your response at whole numbers) dominal GOP Real GDP (illions Mons of dollars) Price Index of dollars) The economy above has experience OA rising price level O ring real GOP throughout the son of rang real GDP in only some of the O Click to select your answers)...
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 Quantity 90 T-Shirts Red Bull (cans) Pizza (slices) Price $24 $2 $3 2012 Quantity 108 500 940 Price $24 $3 $6 500 1020 Nominal GDP in 2011 was $ 6220 and nominal GDP in 2012 was $ 9732). (Enter your responses as integers.) If 2011 is...
Consider the table.
Shirts
Pants
Year
Price
Quantity
Price
Quantity
2013
$7.50
750
$12.50
4000
2014
$12.00
600
$18.50
3500
The table contains prices and output for a two good economy.
Nominal and real GDP in 2013 are both $55,625. Use the information
in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.
$
Real output from 2013 to 2014 has
stayed the same....
Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)= - 250 + 60p D(p) = 1100 - 75p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $ (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts (Type a whole number.) (b) Determine...
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2009 Statistics Quantity Price Quantity 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton 110 $55.00 3.00 70 40.00 0.90 120 60 12,000 120 $70.00 3.00 35.00 0.75 Price Quantity Price 120 $75.00 3.50 85 35.00 0.80 85 135 12,000 13,000 a. f the...
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