Q4. Gorgonzola is a small island nation with a simple economy that produces only six goods: sugarcane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one- quarter of all the sugarcane is used to produce rum and one- half of all the peanuts are used to produce peanut butter.2015Quantity Price Quantity Price Quantity Price20132014ProductSugar caneYo-yos240s0.80240S1.00300S1.156002.507003.007504.00Rum15010.0016012.0018015.00Peanutss002.004502.504502.50Harmonicas7525.007530.008530.00Peanut butter1004.50854.50855.00a. Use the production and price information in the table to calculate nominal GDP for 2015.b. Use the production and price information in the table to calculate real GDP for 2013, 2014, and2015 using 2013 as the base year. What is the growth rate of real GDP from 2013 to 2014 andfrom 2014 to 2015?c. Use the production and price information in the table to calculate real GDP for 2013, 2014, and2015 using 2014 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from2014 to 2015?

Gross domestic product (GDP) is that the total financial or market price of all the finished product…

Simple economy Q4. Gorgonzola cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one- quarter of all the sugar cane is used to produce rum and one- half of all the peanuts are used to produce peanut butter. a small produces only six goods: sugar 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price 300 Sugar cane Yo-yos 240 $0.80 240 $1.00 $1.15 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 2.00 25.00 Peanuts s00 450 2.50 450 2.50 85 85 Harmonicas 75 75 30.00 30.00 Peanut butter 100 4.50 85 4.50 5.00 a. Use the production and price information in the table to calculate nominal GDP for 2015. b. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015? c. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015?

Simple economy Q4. Gorgonzola cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one- quarter of all the sugar cane is used to produce rum and one- half of all the peanuts are used to produce peanut butter. a small produces only six goods: sugar 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price 300 Sugar cane Yo-yos 240 $0.80 240 $1.00 $1.15 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 2.00 25.00 Peanuts s00 450 2.50 450 2.50 85 85 Harmonicas 75 75 30.00 30.00 Peanut butter 100 4.50 85 4.50 5.00 a. Use the production and price information in the table to calculate nominal GDP for 2015. b. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015? c. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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