7. Suppose a country produces three goods: Good X, Good Y and Good Z. The followingtable provides information about the prices and output for these three goods for the years2018, 2019 and 2020.Quantity ofGood XQuantity ofGood YQuantity ofGood ZYearPrice perGood XPrice perGood YPrice perGood Z2018$1010$510$10202019$1014$5.211$10212020$1114$5.412$1023g. Using 2018 as the base year, fill in the following table.YearGDP deflator measured on a 100-point scale with 2018 as the base vear201820192020

The formula for GDP Deflator is: [(Nominal GDP)/(Real GDP)]*100 The formula for real GDP= sum of (…

7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides information about the prices and output for these three goods for the years 2018, 2019 and 2020. Quantity of Good X Year Price per Good X Price per Good Y Quantity of Good Y Price per Good Z Quantity of Good Z 2018 $10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 $11 14 $5.4 12 $10 23 g. Using 2018 as the base year, fill in the following table. Year GDP deflator measured on a 100-point scale with 2018 as the base year 2018 2019 2020

7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides information about the prices and output for these three goods for the years 2018, 2019 and 2020. Quantity of Good X Year Price per Good X Price per Good Y Quantity of Good Y Price per Good Z Quantity of Good Z 2018 $10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 $11 14 $5.4 12 $10 23 g. Using 2018 as the base year, fill in the following table. Year GDP deflator measured on a 100-point scale with 2018 as the base year 2018 2019 2020

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 1.2P

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7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides information about the prices and output for these three goods for the years 2018, 2019 and 2020. Price per Good X Price per Good Y Price per Good Z Quantity of Good Z Xear Quantity of Good X Quantity of Good Y 2018 $10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 $11 14 $5.4 12 $10 23 Using the provided information, fill in the following table. а. Xear Nominal GDP 2018 2019 2020
Suppose that we are in a small, local economy that produces three goods. They are: (i) Food, (ii)Gas, and (iii) Housing. The prices for reach of these goods from 2019-2022 are:Good 2019 Price 2019 Quantity 2020 Price 2020 QuantityFood 10 12 14 15Gas 2 2 1.50 1.50Housing 2,000 2,500 2,200 1,800Good 2021 Price 2021 Quantity 2022 Price 2022 QuantityFood 12 15 15 16Gas 3 2 4 2.50Housing 2,300 2,200 2,400 2,3001. Calculate the Nominal GDP for this economy for 2019, 2020, 2021, and 2022. 2. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2019as the base year. 3. Calculate Real GDP for this economy for 2019, 2020, 2021, and 2022, using the year 2020as the base year. 4. Calculate the Real GDP Deflators for 2021 and 2022 using the Nominal GDPs youcalculated in Q1 and the Real GDPs you calculated in Q3.5. What is the annual inflation rate for 2022 according to the Real GDP Deflators youcalculated in Q4? Now suppose that the Local Government is interested in…
Table 23-6 The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2013. Prices and Quantities Year 2010 11 2012 2013 Select one: $620. b. $260. C. $400. d. $630. Price of Waffles a. $2.00 $2.00 $2.00 $4.00 Quantity of Waffles 80 .00 120 150 Refer to Table 23-6. In 2010, this country's real GDP was Price of Pancakes $1.00 $2.00 $3.00 $3.00 Quantity of Pancakes 100 120 150 200
12 Investment Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of a country. Which allocation would be the most likely explanation for shift number 3? (A) R (B) W (C) x (D) Y (E) Shift number 3 is not possible. LHH actment Consumption
Assume the government imposes a $0.75 excise tax on the sale of every 2 liter bottle of soda. The tax is to be paid by the producers of soda. The figure below shows the annual market for 2 liter bottles of soda before and after the tax is imposed. Price (per bottle) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 Market for Soda 2 3 1 5 6 S Quantity (billions of bottles) S 0 7 8 Instructions: Round your answers for price to 2 decimal places. Enter your answers for quantity as a whole number a. Before the tax is imposed, the equilibrium price is $ per bottle and the equilibrium quantity is b. After the excise tax is imposed, consumers pay a price of $ c. After the excise tax is imposed. the price (or amount) producers keep after the tax is paid is $ d. After the tax is imposed, the equilibrium quamtity is billion bottles. e. The government is able to collect $ billion of tax revenue from the tax per bottle per bottle billion bottles.
Assume the government imposes a $0.75 excise tax on the sale of every 2 liter bottle of soda. The tax is to be paid by the producers of soda. The figure below shows the annual market for 2 liter bottles of soda before and after the tax is imposed. Price (per bottle) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 Market for Soda 2 3 1 5 6 S Quantity (billions of bottles) S 0 7 8 Instructions: Round your answers for price to 2 decimal places. Enter your answers for quantity as a whole number a. Before the tax is imposed, the equilibrium price is $ per bottle and the equilibrium quantity is b. After the excise tax is imposed, consumers pay a price of $ c. After the excise tax is imposed. the price (or amoum) producers keep after the tax is paid is $ d. After the tax is imposed, the equilibrium quantity is billion bottles. e. The government is able to collect $ billion of tax revenue from the tax per bottle per bottle billion bottles.
Biff spends his entire weekly income on gallons of drinking water and bags of cat food. The diagrams below show Biff's actual quantity- demanded of water and quantity-demanded of cat food last week: Pwater (gallon) Pcatfood (bags) 7 6 6 5 4 3 3 1 123.45 67 89 10 11 12 13 14 15 1 2 3 5 6 7 8 9 4 10 Qwater (gallons) Qcatfood (bags) Use the information in the diagrams to draw Biff's budget line and indifference curve diagram representing how Biff chose his optimal bundle last week. Be sure to label all curves and important points in your diagram, and also the axes. Be sure to a) explain what each curve and important point represents about Biff. At the optimal bundle you show in the diagram you drew for part a), what is the ratio between Biff's MU of a gallon of water and his MU of a bag of cat food? In other words, what is the value of the following fraction, and how do you know this? b) MUwater MUcat food
4-15 Consumption of hamburgers (thousands of burgers per week) in twelve different cities is shown here. Prices of hamburgers, income per capita (in $1,000s), and prices of hot dogs for the cities, are also shown on the next page. City 1 2 3 4 5 6 7 8 9 10 11 12 a. Hamburger Consumption 50 80 95 105 70 85 55 60 75 90 100 65 Hamburger Price $1.50 1.35 1.25 1.20 1.40 1.30 1.50 1.45 1.35 1.25 1.20 1.45 Income ($1,000s) 12.0 14.2 15.0 16.0 13.8 14.3 13.3 13.3 13.7 14.5 15.2 13.6 Hot Dog Price $1.80 1.55 1.45 1.35 1.60 1.50 1.70 1.70 1.60 1.50 1.35 1.65 Use regression analysis to estimate hamburger consumption as a multiplicative function of the price of hamburgers, income, and hot dog price. Write the equation, t-statistics, and the coefficient of determination. Which coefficients are significant at the 0.05 level? b. Based on the estimates from part (a), what are the price, income, and cross elasticities? Is the cross elasticity consistent with economic theory? Explain.
Suppose that Russia produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. Suppose that India produces 10657 barrels of oil and 10657 bushels of wheat each week. In autarky, what is the largest amount of wheat Russia can consume every week? amount of wheat per week: What does the term autarky refer to? O a major argument against globalization government policies meant to reduce international trade the process of negotiating terms of trade between two countries a situation where one country does not engage in trade with other countries bushels
AABI AaBbCc AaBbC AaßbCcDc AaBbCcDc úlgaell 2 ülgis 1 ülgas blaí 1 T 3 4 5 6 Production Year 1 Year 2 Good X 50 Prices Year 3 Year 1 Year 2 Year 3 60 $1.20 $1.00 $0.60 $1.20 $0.60 50 Good Y 100 120 140 $1.00 1-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 1 is 2-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 3 is 3-Assume that this economy produces only two goods Good X and Good Y. The value for this economy's nominal GDP in year 2 is 4-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's real GDP in year 2 is 5-Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 1 is 6-Assume that this economy produces only two goods Good Xand Good Y. If year 1 is the base year, the value for this…
ek 3 Homework ect.mheducation.com/flow/connect.html X eworki Saved Suppose the economy of Hectorsville only produces two products, shovels and oranges. The following table shows the quantity of each product Hectorsville produces, along with their respective market prices. Product Quantity Product Price Shovels 400 $30 $5 Oranges (lbs) 20,000 a) Calculate the market value for each product Market value of shovels: $ Market value of oranges: S b) Calculate Hectorsville's GDP. $ Next 15 Bas BE
4. A zoo cannot have everything it wants. It has to make choices. The zoo committeehas decidea that it can have several concession stands. It has to decide how many popcorn stands and how many cotton candy stands to have scattered around the zoo, The committee made up a table of the different combinations depending upon what the committee has determined to be the cost of each stand. Now the committee has to decide what combination is right. a. Use the table below to graph & label a Production Possibilities curve on the grid below Popcorn or Cotton Candy Popcorn, Cotton Candy Popcorn 10 1 9 2. 4 4 Cotton Candy b. Next, label a point of underutilization (inefficiency). Call it Point A, Next, label apoint of efficiency. Call it Point B. Last, label a point that is now unattainable. Call it Point C. c. Look at the table: To get one popcorn stand, how many cotton candy stands have to be given up (marginal/opportunity cost)? 10 -9 = ? d. What is the marginal/opportunity cost of 3 popcorn…