Homework Answers
Since all cotton is used in production of shirts, cotton is an intermediate good and therefore is not included in computation of GDP (to avoid double counting).
Nominal GDP ($) = Sum of (Current year price x Current year quantity)
= 70 x 150 + 3 x 125 + 30 x 75
= 10,500 + 375 + 2,250
= 13,125
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suppose that a simple economy...
End of Chapter 1.11 Suppose that a simple econormy produces only...
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...
Suppose the information in the following table is for a simple economy that produces only the...
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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 produ ce shirts 2009 Statistics 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton Quantity Price Quantity 90 $50.00 2.50 0 40.00 0.80 110 60 8,000 100 $60.00 2.50 35.00 0.60 Price Quantity Price 100 $65.00 2.75 8535.00 0.70 80 125 10,000 12,000 a. If the...
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Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts. Calculate the GDP deflator for 2015. Use 2009 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=,"...
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the current year.
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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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corncorn,
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and
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