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An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and 2013 are as follows: 2012 2013 Quantity Price Quantity Price Cars 9 $2,000 12 $4,000 Computers 7 $1,200 9 $400 Oranges 1,200 $1 1,500 $1 Using the prices for 2012 as the set of common prices, real GDP in 2012 is $?. (Enter your response as an integer.)

          An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and 2013 are as follows:

2012
2013
Quantity
Price
Quantity
Price
Cars
9
$2,000
12
$4,000
Computers
7
$1,200
9
$400
Oranges
1,200
$1
1,500
$1
Using the prices for 2012 as the set of common prices, real GDP in 2012 is $?. (Enter your response as an integer.)
        
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An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and 2013 are as follows:

2012
2013
Quantity
Price
Quantity
Price
Cars
9
2,000
124,000
Computers
7
1,200
9400
Oranges
1,200
1
1,5001
Using the prices for 2012 as the set of common prices, real GDP in 2012 is ?. (Enter your response as an integer.)

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and 2013 are as follows: able[[,2012,2013],[,Quantity,Price,Quantity,Price],[Cars,9,$2,000,12,$4,000 An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and KF 2013are as follows: 2012 2013 Quantity Price Quantity Price 9 $2,000 12 $4,000 Cars 7 $1,200 9 $400 Computers 1,200 $1 1,500 $1 Oranges Using the prices for 2012 as the set of common prices, real GDP in 2012 is $(Enter your response as an integer.)
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chapter-2-question-4-an-economy-produces-three-goods-cars-computers-and-oranges-quantities-and-prices-per-unit-for-years-2012-and-2013-are-as-follows-2012-2013-quantity-price-quantity-price-91553

(Chapter 2, Question 4) An economy produces three goods: cars, computers, and oranges. Quantities and prices per unit for years 2012 and 2013 are as follows: 2012 Quantity Price Cars 10 $2000 Computers 4 $1000 Oranges 1,000 $1 2013 Quantity Price Cars 12 $3000 Computers 6 $500 Oranges 1000 $1 a. What is nominal GDP in 2012 and in 2013? By what percentage does nominal GDP change from 2012 to 2013? b. Using the prices for 2012 as the set of common prices, what is real GDP in 2012 and in 2013? By what percent-age does real GDP change from 2012 to 2013? c. Using the prices for 2013 as the set of common prices, what is real GDP in 2012 and in 2013? By what percent-age does real GDP change from 2012 to 2013? d. Why are the two output growth rates constructed in parts b and c different? Which one is correct? Explain your answer.

Manasvee S.

beginarraylcc-text-quantities-2012-2013-hline-text-apples-60-160-text-oranges-80-220-text-prices-2-2

$$\begin{array}{lcc} \text { Quantities } & 2012 & 2013 \\ \hline \text { Apples } & 60 & 160 \\ \text { Oranges } & 80 & 220 \\ \text { Prices } & 2012 & 2013 \\ \hline \text { Apples } & \$ 0.50 & \$ 1.00 \\ \text { Oranges } & \$ 0.25 & \$ 2.00 \end{array}$$ Calculate real GDP in 2012 and 2013 expressed in base-year prices.

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The consumers in the economy buys only two general types of products: Apples, and Bananas. Price and Quantity information of these items over a period are shown below: Year 2019 Year 2020 Product Quantity Average Price Quantity Average Price per Unit per Unit Apples 13 510 816 Bananas 11 515 516 Using vear 2020 as the base vear; the economys consumer price index (CPI) in year 2012 Is (Your answer should include the first decimal point; if any)

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Transcript

-
0:00 Hello everyone.
00:01 So the question says that what is the nominal gdp in 2012 and in 2013? by what percentage does nominal gdp changes from 2012 to 2013? so firstly we'll find the nominal gdp in 2012.
00:26 So it will be 10 multiplied by 2000 plus 4 multiplied by 1 ,000 plus 1 ,000 plus 1 ,000.
00:43 Which on solving gives $25 ,000.
00:48 So nominal gdp for 2012 is $25 ,000...
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