the information in the following table is for a simple economy that produces onl

Question

the information in the following table is for a simple economy that produces only the following f ods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce s ppose 2009 Statistics 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton Quantity Price Quantity Price Quantity Price 110 $70.00 135 3.50 85 35.00 0.60 12,000 0.70 100 $52.00 85 3.00 70 40.00 10,000 0.80 115 $65.00 3.00 60 35.00 120 8,000 a. If the base year is the year 2009, then real GDP for 2018 equals (round your answer to the nearest penny)

Explanation / Answer

Product Price Quantity Real 2009 2018 GDP 2018 Shoes 52 115 5980 hamburgers 3 120 360 Shirts' 40 60 2400 Cotton 0.8 8000 6400 REAL GDP OF 2018 15140 Real GDP of 2018 equals $ 15140

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