chain weighted gdp Quantity produced (in millions of bushels):ApplesOranges2020301820213321The prices of apples and oranges per bushel in Fruitopia are:Prices (in dollars per bushel):ApplesOranges20204202135 6. Due to problems with real GDP, the Bureau of Economic Analysis uses chain-weighted realGDP.How to calculate chain-weighted GDP:1. Value the output in 2020 at prices from 2020 (nominal GDP in 2020).2. Value the output in 2021 at prices from 2020 (real GDP in 2021 with a base year of 2020).3. Calculate the percent change in GDP at 2020 prices using step (1) and step (2).4. Value the output in 2020 at prices from 2021.5. Value the output in 2021 at prices from 2021 (nominal GDP in 2021).6. Calculate the percent change in GDP at 2021 prices using step (4) and step (5).7. Average the percent change in GDP in 2020 prices (from step (3)) and the percent change inGDP in 2021 prices (from step (6)).8. To compute chain-weighted GDP in 2021, take real GDP in 2020 and multiply by one plus thepercentage change you found in step (7).Using the information from Problem 1 about the economy of Fruitopia, compute chain-weightedreal GDP in 2021.

The quantity and prices of goods produced in the firm are given. We have to calculate the…

Answered: Using the information from Problem 1…

Business

Economics

Using the information from Problem 1 about the economy of Fruitopia, compute chain-weighted real GDP in 2021.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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