+1-415-670-9189
info@expertsmind.com
Nation with a simple economy that produces only six goods
Course:- Microeconomics
Reference No.:- EM13700171




Assignment Help
Assignment Help >> Microeconomics

Artica is a nation with a simple economy that produces only six goods: oranges, bicycles, magazines, paper, orange juice, and hats. Assume that half of all the oranges are used to produce orange juice and one-third of all the paper is used to produce magazines.

a. Use the production and price information in the table to calculate nominal GDP for 2011.

b. Use the production and price information in the table to calculate real GDP for 2009, 2010, and 2011 using 2009 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from 2010 to 2011?

c. Use the production and price information in the table to calculate real GDP for 2009, 2010, and 2011 using 2010 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from 2010 to 2011?




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
In the 1970s, regulatory agencies allowed electric companies to pass on to customers any increases in the cost of their fuel -- a scheme that reduced companies' incentives t
Determine how the issue of time affects the consumptive choices you make. Provide specific examples to support your response. Discuss ways that the relative scarcity of pers
A firm’s Marginal Revenue curve (in class we called this also Marginal Value) is given by w=1200-2L, where w stands for the wage and L for the quantity of labor. The labor sup
The demand for tickets at each game is q = 100,000 - 6,000P.  If the capacity of the stadium at that university is 40,000 seats, what is the revenue maximizing price for this
The Dairy Farm Company, a small producer of milk and cheese, has estimated the quantities of milk and cheese that it can produce with three levels of total expenditures or
Write two paragraphs regarding your impression of the market model you feel the newly formed company fits into.(Black and Decker and Stanley Works completed their merger in
Based on the Solow model, how would each of the following affect consumption per employee in the long run? Describe and illustrate your answer graphically.
An agricultural engineer from Nebraska has discovered a new method of milk extraction that causes less swelling to a cow's udders, and therefore each cow has a faster recovery