Macroeconomics
In year 1 and 2, there are two products produced in a given economy, smartphones and earphones. Suppose there are no intermediate goods. In year 1, 4,000 smartphones and 2,000 earphones are produced and sold at $2,000 and $200 each, respectively. However, due to an earthquake in year 2, some production lines are destroyed and the production of smartphones and earphones falls to 1,000 and 1,500 units, respectively. However, the price of each pair of smartphones doubled and the price of each pair of earphones increased to $300.
a. Calculate nominal GDP for year 1 and year 2. b. Calculate real GDP in each year and the percentage change in real GDP from year 1 to year 2 using year one as the base year. Next, do the same calculations using the chain-weighting method. c. Calculate the GDP price deflator and the percentage inflation rate form year 1 to year 2 using year 1 as the base year. Next, do the same calculation using the chain-weighting method.
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
I em extremely confused on how to solve for question 4d. Please help! Econ303 Homework 1B...
I em extremely confused on how to solve for question 4d. Please
help!
Econ303 Homework 1B ar 1 and year 2, there are two products produced in a given economy cars ear two, 250 cars are sold at $16,000 4. 10 points I n ye cars and beef. Su are produced and sold at $15,000 each, and in y 1,000,000 pounds are sold for $8.00 each. (a) Calculate nominal GDP in each year (b) ppose that there are no intermediate...
Calculate the GDP deflator and the percentage inflation rate from year 1 to year 2 by...
Calculate the GDP deflator and the percentage inflation rate
from year 1 to year 2 by using year 1 as the base year. Next, do
the same calculations by using the chain-weighting method.
The chain-weighting growth rate was given: 23.498%
In ycar I and ycar 2, thcrc arc two products produced in a given cconomy: computers and brcad. Suppose that there arc no intermediate goods. In ycar I, 20 computers arc produced and sold at $1000 each, and in year...
Question 3 Use the following price and quantity data for this question. For chain-weight with price...
Question 3 Use the following price and quantity data for this question. For chain-weight with price average, use the method discussed in class. Year 1 Quantity Price 10 20 10 Year 2 Quantity Price 15 10 15 40 Fill in the following chart: Year Nominal GDP real GDP real GDP (base=year 1) (base=year2) real GDP (chain-weight with price average) Year 1 Year 2 b) Fill in the follow chart, which asks you to calculate the inflation rate between years 1...
1. In years 1 and 2, there are 2 goods produced in a given economy, sausages...
1. In years 1 and 2, there are 2 goods produced in a given economy, sausages and pens. In year 1, 10,000 sausages are produced and sold at $2 each, and in year 2, 20,000 sausages are produced and sold at $2.10 each. In year 1, 15,000 pens are sold for $2 dollars each and in year 2, 48,000 pens are sold for $3 each a) Calculate nominal GDP in years 1 and 2. b) Calculate real GDP in years...
1. Suppose there are only 3 different goods produced and consumed in a closed economy. The...
1. Suppose there are only 3 different goods produced and consumed in a closed economy. The following table shows the prices and quantities of each good consumed in 2002, 2003, 2004, and 2005. Price of a Quantity of Price Price of Quantity pair of a pair of of Quantity Year Apple of Apple shoes Breed of Breed 3001000 1500 shoes 2002 2003 500 600 15 100 1200 2004 80020 3501300 2005 900 25 500 Calculate nominal GDP in each of...
Assume an economy with which only broccoli and cauliflower are produced. In year 1, 500 million...
Assume an economy with which only broccoli and cauliflower are produced. In year 1, 500 million pounds of broccoli are produced and consumed and its price is $0.5 per pound, while 300 million pounds of cauliflower are produced and consumed and its price is $0.8 per pound. In year 2, 400 million pounds of broccoli are produced and consumed and its price is S0.6 per pound, while 350 million pounds of cauliflower are produced and its price is $0.85 per...
1. Explain why experimentation is difficult in macroeconomics. And, suppose that you had speed powers to...
1. Explain why experimentation is difficult in macroeconomics. And, suppose that you had speed powers to travel back in time to the Great Depression. What experiment would you like to run on the U.S. economy and why? 2. Assume an economy where there are two producers: a wheat and bread producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $3 per bushel, and...
Help please 2009 Q1 (70 points). Consider an economy composed of just three firms producing three...
Help please
2009 Q1 (70 points). Consider an economy composed of just three firms producing three goods. Suppose that quantities of output produced and prices in 2009 and 2010 are as the followings: 2010 Quantity Price Quantity Price Cars 10 $2,000 | 12 $3,000 Computers 4 $1,000 $500 Oranges 1000 $1 1000 $1 a. Calculate nominal GDP in 2009 and in 2010? Calculate the percentage change in GDP? b. Using the year 2009 as the base year, calculate the real...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2. the quantity produced is 4 bars and the price is 18. In year 3, the quantity produced is 8 bars and the price is $10. Using year 1 as the base year, compute nominal GOP, real GOP, and the GOP deflator for each year, Nominal...
In year 1 and year 2, an economy produces computers and bread. No intermediate goods. In...
In year 1 and year 2, an economy produces computers and bread. No intermediate goods. In year 1, 20 computers are produced and sold each for $1000. In year 2, 25 computers were sold at $1500 each. In year 1, 10,000 loaves of bread are sold at a price of $1 each. And in year 2, 12,000 loaves are sold at a price of $1.1 each. (a) Calculate nominal GDP in each year. (b) Find the growth rate of nominal...
I em extremely confused on how to solve for question 4d. Please
help!
Econ303 Homework 1B ar 1 and year 2, there are two products produced in a given economy cars ear two, 250 cars are sold at $16,000 4. 10 points I n ye cars and beef. Su are produced and sold at $15,000 each, and in y 1,000,000 pounds are sold for $8.00 each. (a) Calculate nominal GDP in each year (b) ppose that there are no intermediate...
Calculate the GDP deflator and the percentage inflation rate
from year 1 to year 2 by using year 1 as the base year. Next, do
the same calculations by using the chain-weighting method.
The chain-weighting growth rate was given: 23.498%
In ycar I and ycar 2, thcrc arc two products produced in a given cconomy: computers and brcad. Suppose that there arc no intermediate goods. In ycar I, 20 computers arc produced and sold at $1000 each, and in year...
Question 3 Use the following price and quantity data for this question. For chain-weight with price average, use the method discussed in class. Year 1 Quantity Price 10 20 10 Year 2 Quantity Price 15 10 15 40 Fill in the following chart: Year Nominal GDP real GDP real GDP (base=year 1) (base=year2) real GDP (chain-weight with price average) Year 1 Year 2 b) Fill in the follow chart, which asks you to calculate the inflation rate between years 1...
1. In years 1 and 2, there are 2 goods produced in a given economy, sausages and pens. In year 1, 10,000 sausages are produced and sold at $2 each, and in year 2, 20,000 sausages are produced and sold at $2.10 each. In year 1, 15,000 pens are sold for $2 dollars each and in year 2, 48,000 pens are sold for $3 each a) Calculate nominal GDP in years 1 and 2. b) Calculate real GDP in years...
1. Suppose there are only 3 different goods produced and consumed in a closed economy. The following table shows the prices and quantities of each good consumed in 2002, 2003, 2004, and 2005. Price of a Quantity of Price Price of Quantity pair of a pair of of Quantity Year Apple of Apple shoes Breed of Breed 3001000 1500 shoes 2002 2003 500 600 15 100 1200 2004 80020 3501300 2005 900 25 500 Calculate nominal GDP in each of...
Assume an economy with which only broccoli and cauliflower are produced. In year 1, 500 million pounds of broccoli are produced and consumed and its price is $0.5 per pound, while 300 million pounds of cauliflower are produced and consumed and its price is $0.8 per pound. In year 2, 400 million pounds of broccoli are produced and consumed and its price is S0.6 per pound, while 350 million pounds of cauliflower are produced and its price is $0.85 per...
1. Explain why experimentation is difficult in macroeconomics. And, suppose that you had speed powers to travel back in time to the Great Depression. What experiment would you like to run on the U.S. economy and why? 2. Assume an economy where there are two producers: a wheat and bread producer. In a given year, the wheat producer grows 30 million bushels of wheat of which 25 million bushels are sold to the bread producer at $3 per bushel, and...
Help please
2009 Q1 (70 points). Consider an economy composed of just three firms producing three goods. Suppose that quantities of output produced and prices in 2009 and 2010 are as the followings: 2010 Quantity Price Quantity Price Cars 10 $2,000 | 12 $3,000 Computers 4 $1,000 $500 Oranges 1000 $1 1000 $1 a. Calculate nominal GDP in 2009 and in 2010? Calculate the percentage change in GDP? b. Using the year 2009 as the base year, calculate the real...
Attempts: Keep the Highest: 3 6. Problems and Applications Q6 Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 2 bars and the price is $5. In year 2. the quantity produced is 4 bars and the price is 18. In year 3, the quantity produced is 8 bars and the price is $10. Using year 1 as the base year, compute nominal GOP, real GOP, and the GOP deflator for each year, Nominal...
Most questions answered within 3 hours.
-
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 5 minutes ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 26 minutes ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 12 minutes ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 17 minutes ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 32 minutes ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 18 minutes ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 31 minutes ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 34 minutes ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 1 hour ago -
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 1 hour ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 1 hour ago -
Assuming you are the head of the software development unit at
Cyber.Soft, explain and justify why...
asked 41 minutes ago