The economy of Captiosus produces two goods: laptops and books. The quantity produced and the prices of these items for 2010 and 2011 are shown in the table be Year 2010 2011 Quantities produced Laptops = 60 Books = 800 Laptops = 80 Books = ? Price ($) Laptops = 200 Books = ? Laptops = 150 Books = 10 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2010, so that real GDP in 2010 equals nominal GDP in 2010. If the real GDP in Captiosus was $14,000 in 2010, the price of books must have been Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 10 percent, Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2010 and 2011 was books must have been produced. percent.
The economy of Captiosus produces two goods: laptops and books. The quantity produced and the prices of these items for 2010 and 2011 are shown in the table be Year 2010 2011 Quantities produced Laptops = 60 Books = 800 Laptops = 80 Books = ? Price ($) Laptops = 200 Books = ? Laptops = 150 Books = 10 Instructions: Round your answer to two decimal places. a. Let's assume that the base year was 2010, so that real GDP in 2010 equals nominal GDP in 2010. If the real GDP in Captiosus was $14,000 in 2010, the price of books must have been Instructions: Round your answer to the nearest whole number. b. Using your answer from part (a), if the growth rate in nominal GDP was 10 percent, Instructions: Round your answer to one decimal place. c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2010 and 2011 was books must have been produced. percent.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
am. 265.
Transcribed Image Text:The economy of Captiosus produces two goods: laptops and books. The quantity produced and the prices of these items for 2010 and 2011 are shown in the table below:
| Year | Quantities produced | Price ($) |
|------|---------------------|-----------|
| 2010 | Laptops = 60 | Laptops = 200 |
| | Books = 800 | Books = ? |
| 2011 | Laptops = 80 | Laptops = 150 |
| | Books = ? | Books = 10 |
**Instructions:** Round your answer to two decimal places.
a. Let’s assume that the base year was 2010, so that real GDP in 2010 equals nominal GDP in 2010.
If the real GDP in Captiosus was $14,000 in 2010, the price of books must have been \$______.
**Instructions:** Round your answer to the nearest whole number.
b. Using your answer from part (a), if the growth rate in nominal GDP was 10 percent, ______ books must have been produced.
**Instructions:** Round your answer to one decimal place.
c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2010 and 2011 was ______ percent.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education