Question

Question 6 (1 point) 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 real GDP for 2015 using 2009 as the base year for the calculations. Provide your answer in dollars rounded to two decimal places. Do not include any symbols, such as "$." "="%" or " in your answer 2009 2014 2015 Product Quantity Price Quantity Price Quantity Price 77 Shoes $44 98 $58 112 $65 78 8 Hamburgers 108 99 4 Shirts 50 25 70 44 70 39 5 Cotton 70 12 70 18 4 50 Your Answer: Answer

Answer 1

Solution:-

First of All we find Real GDP for 2015 on the basis of 2009 price.

Real GDP 2015 (Quantity of current year* price of base year) so (Quantity of 2015* price of 2009) so[ (112*44)+(99*3)+(70*25)+(70*5)] so (4928+297+1750+350) so 7325

Your answer :

7325