please answer with working out Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks,hamburgers, shirts and cotton.Base Year 20112011Quantity Price Quantity$50 1001005012ProductQuantity PriceTextbooks90$65Hamburgers 752.25Shirts503025Cotton1000.800.600.70Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided.• Calculate the nominal GDP for 2011.• Calculate the nominal GDP for 2012.• Calculate the nominal GDP for 2013.• Calculate the real GDP for 2011.800• Calculate the real GDP for 2012.• Calculate the real GDP for 2013.2012Price$601225100120201365120• Calculate the growth rate in real GDP for 2012. (using 1 decimal place• Calculate the growth rate in real GDP for 2013. (using 1 decimal place• Calculate the cost of the market basket for 2011 (using 1 decimal place).• Calculate the cost of the market basket for 2012 (using 1 decimal place).• Calculate the cost of the market basket for 2013 (using 1 decimal place).%%

For 2011Nominal GDP for 2011 = ∑i = 14Quantityi × Pricei= (90 ×50) + (75 × 2) + (50× 30) + (100 ×…

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 2011 Product Quantity Price Textbooks 90 $50 Hamburgers 75 2 120 Shirts 50 30 25 65 Cotton 100 0.80 800 0.60 120 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. • Calculate the nominal GDP for 2011. • Calculate the real GDP for 2011. Quantity • Calculate the nominal GDP for 2012. • Calculate the real GDP for 2012. 100 • Calculate the nominal GDP for 2013. • Calculate the real GDP for 2013. 100 50 2012 Price $60 12 2013 Quantity Price $65 100 2.25 25 0.70 • Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place • Calculate the cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). • Calculate the cost of the market basket for 2013 (using 1 decimal place). % %

Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. Base Year 2011 2011 Product Quantity Price Textbooks 90 $50 Hamburgers 75 2 120 Shirts 50 30 25 65 Cotton 100 0.80 800 0.60 120 Please enter only the numbers (no commas, dollar signs etc.) in the spaces provided. • Calculate the nominal GDP for 2011. • Calculate the real GDP for 2011. Quantity • Calculate the nominal GDP for 2012. • Calculate the real GDP for 2012. 100 • Calculate the nominal GDP for 2013. • Calculate the real GDP for 2013. 100 50 2012 Price $60 12 2013 Quantity Price $65 100 2.25 25 0.70 • Calculate the growth rate in real GDP for 2012. (using 1 decimal place • Calculate the growth rate in real GDP for 2013. (using 1 decimal place • Calculate the cost of the market basket for 2011 (using 1 decimal place). • Calculate the cost of the market basket for 2012 (using 1 decimal place). • Calculate the cost of the market basket for 2013 (using 1 decimal place). % %

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter24: Measuring The Cost Of Living

Section: Chapter Questions

Problem 2PA

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