Consider an economy that produces and consumes bread and automobiles. Inthe following table are data for two different years.Year20002010Price of an automobile$40,000$50,000Price of a loaf bread$20$30| Number of auto-mobilesproduced100 cars120 carsNumber of loaves of breadproduced600,000 loaves500,000 loavesUsing the year 2000, compute the following statistics for each year:nominal GDP, real GDP, the implicit price deflator for GDP, and afixed-weight price index such as CPI.(

Formula used- Nominal GDP = Sum of the price of a good in the current year * Quantity of good in the…

Answered: Consider an economy that produces and…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 1SCQ: Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What...

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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 af the ontton is used to produce shts 2012 Statistics 2020 Statisties 2021 Statistics Product Quantity 120 Quantity Price Quantity Price Price $75.00 3.50 Shoes 110 $55.00 120 $70.00 Hamburgers 85 3.00 120 3.00 135 Shirts 50 30.00 50 25.00 66 25 00 Cotton 12,000 0.09 12.000 0.07 13.000 0.08 af the base year is the year 2012, then real GDP for 2020 equals $ (round you answer to the nearest pennyl and the real GDP for 2021 equals S (round your answer to the nearest pennyl. b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to hwo decimal places.)
Again, please work with the following data set. It describes production of the only three goods made by Economy Zeta, along with their prices, for each of three years. Quantity Price of Quantity of Price of Quantity of Price of of Food Food Energy Energy Shelter Shelter 2018 800 $5 1000 $10 200 $100 2019 850 $6 1100 $12 240 $100 2020 850 $7 1200 $14 300 $100 Year Economists estimate that the average person in this economy consumes 12 units of food, 20 units of energy, and 2 units of shelter over the relevant period. 2018 is the base year. Using the GDP deflator, the inflation rate between 2018 and 2019 for this nation is ______________ percent. (Enter your answer "as a percent, but without the percentage sign." If you think the inflation rate is 99.99 percent, enter only 99.99 in the blank.)
Part C 3. The manager of a certain gasoline station wants to forecast the demand for the unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The manager has accumulated the following data demand for unleaded gasoline from sales during the past eight months. Month Gasoline Demanded (gallons) Mar 900 Given that the forecast for March is 920. Apr 755 May 650 Jun 550 Jul 625 Aug 730 Sept 820 Oct 1 100 a. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.25. b. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.45. c. Plot the actual demand and the forecasts determined in part a and b on the same graph and compare them. d. Make a comparative analysis out of your answers in the plotted data. (3-5 sentences)
Plot the following dataset and elaborate your concept regarding the graph: Quantity AC MC 0 110 - 100 80 40 200 55 20 300 45 45 400 55 80 500 80 120 600 110 160
Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year data given in table: Year 2012 2013 2014 2015 2016 2017 2018 Population (millions) 10 12 15 20 25 30 40 Rice consumed (million tonnes) 40 50 60 70 80 90 100
Quantity of Subscriptions to Economics Statistics Quantity of Subscriptions to Office Productivity Apps per Year 1. Total Utility (utils) Apps per Year Total Utility (utils) 30 1 600 1,100 1,500 2 50 3 60 4 68 4 1,800 2,000 2,100 72 75 Refer to the above table and assume that each year this consumer buys only annual subscriptions to economics statistics apps and subscriptions to office productivity apps. The price of a subscription to each type of economics statistics app is $2, and the subscription to each office productivity app is $60 per year. If the consumer's available income is $64 per year, the consumer will purchase economics statistics app(s) andoffice productivity app(e). if the consumer's available income rises to $246, what will be the new combination of economics statistics apps and office productivity apps? economics statistics app(s): and office productivity app(s):
The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 20 2022 Year 2020 2021 2022 2 Price Quantity Price (Dollars) (Quarts) (Dollars) 1 150 2 150 2 2022 Milk The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP (Dollars) 350 700 1,400 300 % % From 2020 to 2021, 4 350 700 Honey 4 Quantity (Quarts) 100 % (Dollars) GDP Deflator 350 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. 100 100 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 200 200 200 did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.
J D The following table contains information about an economy that produces only soda and pizza. The base year is 2020. Use this information to answer the question. Year Price of Soda Quantity of Price of Pizza Soda 2020 100 $10 2021 120 12 2022 120 14 What is the approximate percentage increase in prices from 2021 to 2022? O0 percent O b. 13 percent O 16 percent O d. 22 percent O38 percent $3 3 4 Quantity of Pizza 50 70 70
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
Table 22.4 shows the fruit prices that the typing college student purchased from 2001 to 2004. What is the amount spent each year on the basket of fruit with the quantities shown in column 2?
2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross dom 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 $. Year GDP (billion S) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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
Consider that the quantity of Milk A sold will increase by 50%, the sales revenue of Milk A will decrease by 25%, and the price is determined by sales revenue divided by quantity sold. Which of the following best describes the expected change in Milk A's price in April, compared to March? January February March Milk A Quantity Sold Sales Revenue Quantity Sold 500 800 400 $3,000 $4,400 $2,400 Milk B 1200 1500 950 Select the single best answer: A. increase by 25% B. decrease by 50% C. decrease by 25% D. decrease by 15% E. no change Sales Revenue $5,000 $6,000 $4,400 Quantity Sold Milk C 600 550 700 Sales Revenue $3,400 $3,300 $5,000

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