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Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produc rum and one-half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price Sugar cane 240 $0.80 240 $1.00 300 $1.15 Yo-yos 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts 500 2.00 450 2.50 450 2.50 Harmonicas 75 25.00 +75 30.00 85 30.00 Peanut butter 100 4.50 85 4.50 85 5.00 Nominal GDP for 2015 is $9,496.25 (Round your response to two decimal places.) Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. (Round your responses to two decimal places.) Real GDP 2013Base Year 2013 $5,969.00 2014 $6,201.50 2015 $6,812.50 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2013 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP2 = 3.90% 2013-2014 Growth rate of real GDP 2014-2015 = 9.85% Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. (Round your responses to two decimal places.) 2013 Real GDP 2014 Base Year $7,105.00 2014 $7,395.00 2015 $8,130.00 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2014 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP 2013-2014 - 4.08 %. Growth rate of real GDP. 2014-2015 9.94%

Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produc rum and one-half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price Sugar cane 240 $0.80 240 $1.00 300 $1.15 Yo-yos 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts 500 2.00 450 2.50 450 2.50 Harmonicas 75 25.00 +75 30.00 85 30.00 Peanut butter 100 4.50 85 4.50 85 5.00 Nominal GDP for 2015 is $9,496.25 (Round your response to two decimal places.) Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. (Round your responses to two decimal places.) Real GDP 2013Base Year 2013 $5,969.00 2014 $6,201.50 2015 $6,812.50 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2013 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP2 = 3.90% 2013-2014 Growth rate of real GDP 2014-2015 = 9.85% Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. (Round your responses to two decimal places.) 2013 Real GDP 2014 Base Year $7,105.00 2014 $7,395.00 2015 $8,130.00 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2014 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP 2013-2014 - 4.08 %. Growth rate of real GDP. 2014-2015 9.94%

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter9: Price Takers And The Competitive Process
Section: Chapter Questions
Problem 14CQ
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Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produc rum and one-half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price Sugar cane 240 $0.80 240 $1.00 300 $1.15 Yo-yos 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts 500 2.00 450 2.50 450 2.50 Harmonicas Peanut butter 75 25.00 ++75 30.00 85 30.00 100 4.50 85 4.50 85 5.00 Nominal GDP for 2015 is $9,496.25 (Round your response to two decimal places.) Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. (Round your responses to two decimal places.) Real GDP. 2013 Base Year 2013 $5,969.00 2014 $6,201.50 2015 $6,812.50 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2013 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP 2013-2014 = 3.90%. Growth rate of real GDP, 2014-2015 = 9.85%. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. (Round your responses to two decimal places.) 2013 Real GDP 2014 Base Year $7,105.00 2014 $7,395.00 2015 $8,130.00 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2014 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP, = P2013-2014 4.08%. Growth rate of real GDP 2014-2015 9.94 %.
Transcribed Image Text:Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produc rum and one-half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price Sugar cane 240 $0.80 240 $1.00 300 $1.15 Yo-yos 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts 500 2.00 450 2.50 450 2.50 Harmonicas Peanut butter 75 25.00 ++75 30.00 85 30.00 100 4.50 85 4.50 85 5.00 Nominal GDP for 2015 is $9,496.25 (Round your response to two decimal places.) Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. (Round your responses to two decimal places.) Real GDP. 2013 Base Year 2013 $5,969.00 2014 $6,201.50 2015 $6,812.50 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2013 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP 2013-2014 = 3.90%. Growth rate of real GDP, 2014-2015 = 9.85%. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. (Round your responses to two decimal places.) 2013 Real GDP 2014 Base Year $7,105.00 2014 $7,395.00 2015 $8,130.00 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2014 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP, = P2013-2014 4.08%. Growth rate of real GDP 2014-2015 9.94 %.
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