The economy of Tuland produces only two products books books and dvds dvds. The following information...
The economy of Tuland produces only two products
books books
and
dvds dvds.
The following information is available for production and prices of Tuland's products for the years 2009 and 2010.
|
2009 |
2010 |
|
|
Quantity of books |
50 |
55 |
|
Quantity of dvds |
2 |
4 |
|
Price of books |
$1.00 |
$1.05 |
|
Price of dvds |
$50.00 |
$30.00 |
Using above information, calculate the following values.
Real GDP for 2009 using 2009 as base year equals
$.
(Enter your response rounded to two decimal places.)
Real GDP for 2009 using 2010 as base year equals
$.
(Enter your response rounded to two decimal places.)
Real GDP for 2010 using 2009 as base year equals
$.
(Enter your response rounded to two decimal places.)
Real GDP for 2010 using 2010 as base year equals
$.
(Enter your response rounded to two decimal places.)
GDP growth rate using 2009 as base year equals
%.
(Enter your response rounded to two decimal places.)
GDP growth rate using 2010 as base year equals
%.
(Enter your response rounded to two decimal places.)
The arithmetic average of the two growth rates equals
%.
(Enter your response rounded to two decimal places.)
Homework Answers
Solution:-
(A). GDP for 2009 in 2009's Prices = (50 * 1) + (2 * 50)
= 50 + 100
= $150
(B). GDP for 2009 in 2010's Prices = (50 * 1.05) + (2 * 30)
= 52.5 + 60
= $112.5
(C). GDP for 2010 in 2009's Prices = (55 * 1) + (4 * 50)
= 55 + 200
= $255
(D). GDP for 2010 in 2010's Prices = (55 * 1.05) + (4 * 30)
= 57.75 + 120
= $177.75
GDP growth rate using 2009 as base year = ($255 -150) / 150*100
= 0.7 * 100
= 70%
GDP growth rate using 2010 as base year = (177.75 – 112.5) / 112.5 * 100
= 0.58 * 100
= 58%
The arithmetic average is (58 + 70) / 2 = 64%
Add Answer to:
The economy of Tuland produces only two products
books books
and
dvds dvds.
The following information...
The economy of Tuland produces only two products fish and calculators. The following information is available...
The economy of Tuland produces only two products fish and calculators. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. Quantity of fish Quantity of calculators Price of fish Price of calculators 2009 120 100 $10.00 $20.00 2010 144 130 $11.50 $22.00 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP...
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 $75.00 3.50 85 35.00 0.80 85 135 12,000 13,000 a. f the...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 Quantities produced Laptops = 60 Books – see Laptops = 70 Books = ? Price ($) Laptops = 200 Books ? Laptops - 120 Books = 8 2016 Instructions: Round your answer to two decimal places a. Let's assume that the base year was 2015, so that real...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the...
Suppose that the British economy produces two goods: laptops and
books. The quantity produced and the prices of these items for 2015
and 2016 are shown in the table below: Year Quantities produced
Price ($) 2015 Laptops =50 Books =1,000 Laptops =200 Books = ? 2016
Laptops =100 Books =? Laptops =150 Books =10
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown...
Q1) Q2) Q3) Imagine that Canada produces only three goods: apples, bananas, and carrots. The quantities...
Q1)
Q2)
Q3)
Imagine that Canada produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below: Quantities produced 5 Goods Apples Bananas Carrots Prices ($) 2.00 1.00 10 20 1.50 Instructions: Round your answers to the nearest dollar. a. Canadian GDP is $ b. Suppose a drought hits the province of British Columbia. This drought causes the quantity of apples produced to fall to 2. Assuming that all prices...
5. The economy of Britannica produces three Year Computers DVDs Pizzas goods: computers, DVDs, and pizza....
5. The economy of Britannica produces three Year Computers DVDs Pizzas goods: computers, DVDs, and pizza. The Price Quantity Price Quantity Price Quantity accompanying table shows the prices and 2010 $900 10 $10 100 15 2 output of the three goods for the years 2011 1,000 10.5 12 105 16 2 2012 1,050 12 14 110 2010, 2011, and 2012. a. Calculate nominal GDP in Britannica for each of the three years. What is the per- cent change in nominal...
Consider the simple economy that produces only three products. Use the information in the following table...
Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2018 as measured by the consumer price index (CPI). BASE YEAR (2010) 2017 Price $11.00 2.45 15.00 2018 Price $16.20 2.40 14.00 Quantity Price $10.00 2.00 15.00 Product Haircuts Movies CPI 9 The inflation rate for 2018 as measured by the consumer price index s % Enter your response rounded to two decimal places.
Consider the simple economy that produces only three products. Use the information in the following table...
Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2018 as measured by the consumer price index (CPI). 2017 2018 BASE YEAR (2010) Quantity Price $10.00 2.00 15.00 Product Haircuts Hamburgers Movies 2 Price $11.00 2.45 15.00 Price $16.20 2.40 14.00 The inflation rate for 2018 as measured by the consumer price index (CPI) is %. (Enter your response rounded to two decimal places.)
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 2018 Statistics 2019 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 100 $52.00 115 $65.00 110 $70.00 Hamburgers 85 3.00 120 3.00 135 3.50 Shirts 70 40.00 60 35.00 85 35.00 Cotton 12,000 0.90 12,000 0.75 13,000 0.80 a. If...
Hello, can you please help with the problem below, thank you in advance. The economy of...
Hello, can you please help with the problem below, thank you in
advance.
The economy of Tuland produces only two products shirts and cell phones. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 200 210 Quantity of shirts Quantity of cell phones Price of shirts Price of cell phones 60 $10.00 $20.00 78 $12.00 $21.00 Using the above information, calculate the following values. (Enter your responses rounded to...
The economy of Tuland produces only two products fish and calculators. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. Quantity of fish Quantity of calculators Price of fish Price of calculators 2009 120 100 $10.00 $20.00 2010 144 130 $11.50 $22.00 Using the above information, calculate the following values. (Enter your responses rounded to two decimal places.) GDP for 2009 in 2009's prices GDP for 2009 in 2010's prices GDP...
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 $75.00 3.50 85 35.00 0.80 85 135 12,000 13,000 a. f the...
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below: Year 2015 Quantities produced Laptops = 60 Books – see Laptops = 70 Books = ? Price ($) Laptops = 200 Books ? Laptops - 120 Books = 8 2016 Instructions: Round your answer to two decimal places a. Let's assume that the base year was 2015, so that real...
Suppose that the British economy produces two goods: laptops and
books. The quantity produced and the prices of these items for 2015
and 2016 are shown in the table below: Year Quantities produced
Price ($) 2015 Laptops =50 Books =1,000 Laptops =200 Books = ? 2016
Laptops =100 Books =? Laptops =150 Books =10
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown...
Q1)
Q2)
Q3)
Imagine that Canada produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below: Quantities produced 5 Goods Apples Bananas Carrots Prices ($) 2.00 1.00 10 20 1.50 Instructions: Round your answers to the nearest dollar. a. Canadian GDP is $ b. Suppose a drought hits the province of British Columbia. This drought causes the quantity of apples produced to fall to 2. Assuming that all prices...
5. The economy of Britannica produces three Year Computers DVDs Pizzas goods: computers, DVDs, and pizza. The Price Quantity Price Quantity Price Quantity accompanying table shows the prices and 2010 $900 10 $10 100 15 2 output of the three goods for the years 2011 1,000 10.5 12 105 16 2 2012 1,050 12 14 110 2010, 2011, and 2012. a. Calculate nominal GDP in Britannica for each of the three years. What is the per- cent change in nominal...
Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2018 as measured by the consumer price index (CPI). BASE YEAR (2010) 2017 Price $11.00 2.45 15.00 2018 Price $16.20 2.40 14.00 Quantity Price $10.00 2.00 15.00 Product Haircuts Movies CPI 9 The inflation rate for 2018 as measured by the consumer price index s % Enter your response rounded to two decimal places.
Consider the simple economy that produces only three products. Use the information in the following table to calculate the (annual rate of) inflation for 2018 as measured by the consumer price index (CPI). 2017 2018 BASE YEAR (2010) Quantity Price $10.00 2.00 15.00 Product Haircuts Hamburgers Movies 2 Price $11.00 2.45 15.00 Price $16.20 2.40 14.00 The inflation rate for 2018 as measured by the consumer price index (CPI) is %. (Enter your response rounded to two decimal places.)
Hello, can you please help with the problem below, thank you in
advance.
The economy of Tuland produces only two products shirts and cell phones. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 200 210 Quantity of shirts Quantity of cell phones Price of shirts Price of cell phones 60 $10.00 $20.00 78 $12.00 $21.00 Using the above information, calculate the following values. (Enter your responses rounded to...
Most questions answered within 3 hours.
-
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 49 minutes ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 1 hour ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 2 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 2 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 3 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 3 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 4 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 5 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 5 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 5 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 6 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 6 hours ago