Homework Answers
1) nominal gdp 2010 = quantity of automobiles * price of automobiles + quantity of bread * price of bread = 70 * $44,000 + 530,000 * $10 = $3,080,000 + $5,300,000 = $8,380,000
2) nominal gdp 2015 = quantity of automobiles * price of automobiles + quantity of bread * price of bread = 110 * $65,000 + 430,000 * $19 = $7,150,000 + $8,170,000 = $15,320,000
3) real gdp 2010 = quantity of automobiles * price of automobiles + quantity of bread * price of bread = 70 * $44,000 + 530,000 * $10 = $3,080,000 + $5,300,000 = $8,380,000
4) real gdp 2010 = quantity of automobiles * price of automobiles + quantity of bread * price of bread = 110 * $44,000 + 430,000 * $10 = $4,840,000 + $4,300,000 = $9,140,000
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The Data of Macroeconomics-Work It Out Question 2 Consider an economy...
Need help, please show work The Data of Macraconomcs Wark IOut Question 2 Consider an economy...
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The Data of Macraconomcs Wark IOut Question 2 Consider an economy that produces and consumes bread and automobiles. The table includes data for two different years 2010 2010 2015 2015 QuantityQuantity Price $65000 Automobiles70 AS $44000110 Bread 530000$10 430000 $19 Round answers to to places after the decimal where necessary b. Calculate the percentage change in each of the following between 2010 and 2015. % change auto prices- % %change bread prices- % change GDP...
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Consider an economy that produces and consumes hot dogs and hamburgers
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Need help, please show work. Options for each blank are (doubles, stayed the same, or fallen...
Need help, please show work. Options for each blank are
(doubles, stayed the same, or fallen by half). EXCEPT, the options
for the blank at E are (increased, decreased, or stays the
same).
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Need help, please show work
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Need help, please show work. Options for each blank are
(doubles, stayed the same, or fallen by half). EXCEPT, the options
for the blank at E are (increased, decreased, or stays the
same).
The Data of Macroeconomics-End of Chapter Problem Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys 10 red apples. In year 2, red apples cost $2 each, green apples cost $I each, and Abby buys 10...
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