The image presents a table used to calculate GDP for a simple economy producing four goods: shoes, hamburgers, shirts, and cotton. All cotton is used for shirt production. Below is the table's transcription and some questions based on it:**2012 Statistics**- **Product**: Shoes - **Quantity**: 110 - **Price**: $55.00- **Product**: Hamburgers - **Quantity**: 80 - **Price**: $2.50- **Product**: Shirts - **Quantity**: 70 - **Price**: $40.00- **Product**: Cotton - **Quantity**: 11,000 - **Price**: $0.09**2020 Statistics**- **Product**: Shoes - **Quantity**: 120 - **Price**: $70.00- **Product**: Hamburgers - **Quantity**: 110 - **Price**: $2.50- **Product**: Shirts - **Quantity**: 60 - **Price**: $35.00- **Product**: Cotton - **Quantity**: 10,000 - **Price**: $0.08**2021 Statistics**- **Product**: Shoes - **Quantity**: 120 - **Price**: $75.00- **Product**: Hamburgers - **Quantity**: 125 - **Price**: $2.75- **Product**: Shirts - **Quantity**: 85 - **Price**: $35.00- **Product**: Cotton - **Quantity**: 11,000 - **Price**: $0.07**Questions:**a. If the base year is 2012, then the real GDP for 2020 equals $9,275.00 and the real GDP for 2021 equals $10,312.50. (Round your answer to the nearest penny.)b. The (annual) growth rate of real GDP in 2021 is ___%. (Enter your response as a percentage rounded to two decimal places.)

* SOLUTION :- *(A) the real GDP for 2020 is = $ 9725.00 The real GDP for 2021 is = $ 10312.50

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35.00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (round your answer to the nearest penny) and the real GDP for 2021 equals $ 10312.50 (round your answer to the nearest penny). b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 110 $55.00 120 $70.00 120 $75.00 Hamburgers 80 2.50 110 2.50 125 2.75 Shirts 70 40.00 60 35.00 85 35.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 9275.00 (round your answer to the nearest penny) and the real GDP for 2021 equals $ 10312.50 (round your answer to the nearest penny). b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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