Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940

Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter23: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 3CQ

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