E. Refer to the following data compiled by the US government for 2022 for purposes of calculating the GDP Deflator for 2 commodities: ketchup & mustard. First, categorize each data point as either (R) for Real or (N) for Nominal. Then, use the GDP Deflator equation from your notes to calculate what the 'GDP Deflator' is. 2022 Data: *Ketchup & Mustard valued at previous (constant) prices in 2022 = $300 *Ketchup & Mustard valued at current prices in 2022 = $900 Q9: Category (R or N) Q10: GDP Deflator = (Show the equation itself here, as well as the math you used to get your answer):

E. Refer to the following data compiled by the US government for 2022 for purposes of calculating the GDP Deflator for 2 commodities: ketchup & mustard. First, categorize each data point as either (R) for Real or (N) for Nominal. Then, use the GDP Deflator equation from your notes to calculate what the 'GDP Deflator' is. 2022 Data: Ketchup & Mustard valued at previous (constant) prices in 2022 = $300 Ketchup & Mustard valued at current prices in 2022 = $900 Q9: Category (R or N) Q10: GDP Deflator = (Show the equation itself here, as well as the math you used to get your answer):

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If there are only two goods, apples and bikes produced in the economy; in 2015 total production of apples was 1000 tones and price of apple is $2 per tone; total production of bikes was 100 units and price of bikes was $500 per unit. in 2016 total production of apples was 1500 tones and price of apple is $3 per tone; total production of bikes was 110 units and price of bikes was $600 per unit. According to the information above, please calculate the consumer price index for 2016. O a. 136,89 Ob. 133,12 Oc 135,58 Od. 134,34
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To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2020? Oa. $20.00 O b. $30.00 Oc. $57.50 Od. $85.00 Next page page
To answer Questions #1 through #4 use the following information: Suppose that in the nation state of Raleighville there are 2 final goods produced in the economy - dog food and kitten chow. Suppose the economy produces 15 units of dog food and 5 units of kitten chow in 2000 (the base year), and 20 units of dog food and 10 units of kitten chow in 2020. Further suppose the price of dog food was $1.00 per unit in 2000, and $3.00 per unit in 2020; whereas the price of kitten chow was $1.00 in 2000 and $2.50 in 2020. What was the real GDP for Raleighville in 2000? O a. $20.00 O b. $30.00 O c. $57.50 O d. $85.00 Next page
Subject: Business economics Problem # 5): Suppose that a simple economy produces only the following four goods andservices: shoes,hamburgers, shirts, and cotton. Further, assume that all of the cotton is used in the production of shirts. Use the information in the following table to calculate Nominal Gross Domestic Product (Nominal GDP) for 2015. PRODUCTION AND PRICE STATISTICS FOR 2015 Product Quantity Price Shoes 100 60 Hamburgers 100 2 Shirts 50 25 Cotton 8000 0.6
Real-Time Data Analysis Exercise The following table contains data for nominal GDP, real GDP, and potential real GDP from FRED* for the fourth quarter of 2020. U.S. GDP Data Value (in billions) $21,487.9 21,496- Series 20,597- Nominal GDP 19,698 Real GDP Potential real GDP $18,783.9 $19414.2 18,799- 5 17,900- A variable identified as real is one that is measured in V dollars. 17,001- 16,102- base-year 15,203- current 14,304- 13.405- 12,506- Q4: 1404: 1624: 1804: 20 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. GDP (billions of dollars)
3. In a small community, breakfast is the most important meal of the day. Therefore, the only two goods that this community produces are coffee and scones in the following amounts: Year 2020 2021 Quantity 60 cups 90 cups Coffee Price $1.25 $1.45 Quantity 45 units 65 units Scones Price $2.10 $3.95 a) Calculate the inflation rate for 2021 using the GDP deflator method (assume that 2020 is the base year for real GDP calculations). Show your work. b) Calculate the inflation rate for 2021 using the CPI method (assume that 2020 is the base year for CPI calculations). Additionally, assume that the consumption basket for both years contains only 10 cups of coffee and 40 scones. Show your work. c) Compare the results of both inflation calculations and explain why they are similar or different based on the two methods and on the specific data used in this example.
2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross do product a) Draw gross domestic product versus electricity consumption and find the equation of the line by the graphical method (be careful determining the dependent and the independent variables) b) By using the equation you have found, predict the electricity demand when GDP becomes 2500 billion S. Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GDP (billion $) 800 928 1024 1120 1094 1250 1433 1532 1691 1861 1966 2040 2186 gross annual electricity consumption (TWh) 161 175 190 198 194 210 230 242 246 257 266 279 295
Question 4 (04.02 MC) Use the graph to answer the question that follows. Price P₁ P₂ P₂ H Q₁ M P₁, M, G, P3 in profits. P₁, M, G, P3 in losses P₁, M, N, P₂ in profits P1, M, N, P2 in losses P2, N, G, P3 in profits MR MC AC AR Quantity (units) What would be the area of this firm's economic profits or economic losses?
Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40,000 $50,000 Price of a loaf bread $20 $30 | Number of auto-mobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500,000 loaves Using the year 2000, compute the following statistics for each year: nominal GDP, real GDP, the implicit price deflator for GDP, and a fixed-weight price index such as CPI.(
Eden, a country, produces just two output goods: apples and snakeskin handbags. In 2014 the prices of apples and hand bags were 10 and 24, respectively. In 2015, the prices increased to 12 and 25. The quantities produced of the two goods were unchanged in both 2014 and 2015, at 100 and 20. From this information, we can conclude that: