The hypothetical economy shown below produces 3 goods:  Good A, Good B, and Good C.  The following information shows the production and prices for three goods over three years.  Use 2020 as a base year (i.e., 2020 = 100).                                                                          Year 2019      Year 2020     Year 2021   Quantity of Good A                                          10                   12                   14 Price of Good A                                           $0.50              $1.00             $1.50   Quantity of Good B                                            3                     6                     9 Price of Good B                                           $1.00              $2.00             $3.00   Quantity of Good C                                         20                    20                  20 Price of Good C                                           $0.25              $0.25             $0.25                                          Justify all answers by showing your work.   Calculate the nominal GDP (or current dollar GDP) for 2021.   Calculate the real GDP (or constant dollar GDP) for 2021.   Calculate the real GDP for 2020.   What is the real economic growth rate from 2020 - 2021?   If the population of the hypothetical economy above was equal to 15 individuals, then calculate the per capita real GDP for 2021.   What is the GDP deflator for both 2020 and 2021?   What is the GDP deflator inflation rate for 2020-2021?   Suppose the base year is updated to 2021. What would be the value of real GDP for 2020?

Q: Consider again the two schemes. Which scheme will the farmers prefer? Consider again the two schemes...

A: A price floor is a minimum price set on goods and services usually determined by the government.

Q: How is profit defined under the Marxian and Neoclassical Schools of thought?

A: Marxian economics is a school of thinking based on Karl Marx's ideas, as the name indicates.Marx pub...

Q: What is meant by economies of scale and what is the importance of this concept to economic growth?

A: In an economy, production cost refers to the cost incurred when producing goods and services by the ...

Q: Please see below. These are true or false questions. 1). The foreign price effect holds that a rise...

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost th...

Q: Explain how changes in resource prices, interest rates, and currency exchange rates will direct the ...

A: The currency exchange rate, along with interest rates and inflation, is one of the most important pr...

Q: A firm in a perfectly competitive industry knows the following about its costs and revenue. The firm...

A: In perfectly competitive market price is constant so it is equal to marginal revenue. At profit maxi...

Q: Suppose a government has no debt and a balanced budget. Suddenly it decides to spend $10 billion whi...

A: The federal government's budget is one of the most divisive subjects in American politics today. The...

Q: The perfectly competitive firm's marginal revenue curve is: exactly the same as the marginal cost cu...

A: Perfectly competitive firm that firm where large number of buyers and large numbers of sellers are c...

Q: 2. Suppose the marginal utility of good A is 20 and its price is $4, and the marginal utility of goo...

A: The benefit and pleasure we derive from using a product or service is referred to as utility. In eco...

Q: A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has ...

A:

Q: Ellah buys a discount bond for $920. When the bond matures, she redeems it for its face value of $10...

A: Buying price of bond = $920 Future value = $1000

Q: •10. The credit office of a departmental store gave the following statements for payment due LuO 40 ...

A:

Q: Q)1 a) Canada​'s real GDP was 2,016 billion dollars in 2017 and 2,053 billion dollars in 2018. Cana...

A: Given: Real GDP: 2017=$ 2016 billion 2018=$2053 billion    

Q: What is a monetary union? Discuss the advantages and drawbacks in forming such an arrangement

A: The agreement b/w two or more nations to create a common currency region is known as monetary union....

Q: Suppose instead the man’s neighbor, who is not a public servant, sees the man dangling from his 4th ...

A: Legal sufficiency indicates that an attorney from the legal counsel's office has studied the documen...

Q: What is seperating equilibrium? Small answer with an example and diagram

A:

Q: process plant making 5000 kg/day of a product selling for $1.75/kg has annual variable production co...

A: *Answer:       

Q: Question 1 There are four utility functions defined as follows: U(x,y) 5 ln r +6 ln y U2(x, y) = r+y...

A: Solution1: We have  U1x,y=5lnx+6lny         .... (1) U3(x,y)=x5y6                  .... (2) and U4=x...

Q: Kelra's equivalent present water consumption in small laundry business is estimated to be P15,000. A...

A: *Answer:   

Q: If a customer of a bank withdraws money from his account of $15,000,000, what is the impact of this ...

A: Given, Money withdrawal = $15,000,000

Q: money is a concept has a certain value at a point in time. true or false

A: Money is the concept that money you have in present is worth more than the identical sum in the futu...

Q: Moving along the total product curve, which of the following is held constant? A) quantity of labor ...

A: The total product (TP) curve represents the total amount of output that a firm can produce with a gi...

Q: The Bureau of Public Highways is considering two possible types of road surfacing with cost estimate...

A: To find and compare the present worth of above two alternative firstly we formulate the cash flows ....

Q: Briefly explain production function and profit maximization with a diagram in short.

A: The relation between the quantity of productive inputs (such as labor and capital) utilized and the ...

Q: prepare a forecast for your company's product, Bottled Water. Discuss the type of information you mi...

A: Business forecasting is something that defines the future of a business by learning from past circum...

Q: What would happen to the budget deficit if the: a) GDP growth rate jumped from 1 percent to 3 percen...

A: The budget deficit refers to the difference between income and expenditure of government. Or it refe...

Q: What is monopsony

A: Monopsony is a form of market structure where there is large number of sellers but one buyer. It is ...

Q: Explain the Hicks paradox in short

A: A strike in economics refers to the strike, lockout or dispute which occurs between an employee and ...

Q: Mention an example of each point. Number of buyers vs. suppliers: If the number of buyers is small ...

A: The number of buyers and sellers determines the structure of the market.

Q: Why did Friedman and the Monetarists believe that monetary misuse accompanied every severe recession...

A: Inflation means the rise in the price level of goods and services in an economy. It means as the inf...

Q: 2) The general Cobb-Douglas production function for two inputs is given by: q = f (k, l) = AKªIB_whe...

A:

Q: What is the future value of $2000 per year for 5 years invested at 10%? * O a. $3,221. O b. $12,210....

A: Using an expected growth rate, future value (FV) projects the worth of a current asset into the futu...

Q: Increasing marginal returns to labor A) describe the portion of a total product curve where the marg...

A: Marginal returns refer to the amount of output generated by the producer when it employed an additio...

Q: Radha is awake for 100 hours in a week. She is earning Rs.1200 per week by working for 60 hours. Thi...

A: The labor supply, according to conventional economic theories, is the total number of hours (adjuste...

Q: f current output is less than the profit-maximizing output, then the next unit produced

A:

Q: An advantage of the overall inflation rate over core inflation refers to the fact that O monetary au...

A: Concept: Overall inflation rate is a rate of inflation that considers all goods and services while ...

Q: What are the positives to a functionalist perspective

A: The functionalist perspective refers to the perspective which explains that society is interlinked a...

Q: Regression Analysis: Growth versus Water, Fertilizer The regression equation is Growth = B + ¢ Water...

A:

Q: 8. Consider each table below. Is the data presented consistent with the Phillips curve model of wage...

A: The Phillips curve refers to the economic model that states an inverse relationship between unemploy...

Q: (a) Compute the best response functions of each company. Then compute the Nash equilibrium in quanti...

A: The essential Cournot assumption is that each firm determines its own quantity while taking the outp...

Q: When would a seller possibly decide to exit the industry over the long run? What should product pric...

A:

Q: ii. Explain three (3) non price determinant of demand for celery.

A: Non-Price Determinants of Demand states the factors which other than the price which can influence t...

Q: Change in GDP deflator: 36% Change in CPI : 35.0003% Although both GDP deflator and CPI are both m...

A: GDP deflators refers to the measure of prices of newly produced goods and services in the economy in...

Q: 29. In the simple deposit expansion model, if the Fed purchases $100 worth of bonds from a bank that...

A: Fractional reserve banking is a prevalent practice in most countries worldwide and is referred to as...

Q: A small company manufactures a certain product. Variable costs are $20 per unit and fixed  costs are...

A: Given: Variable costs=$20 Fixed costs=$10875 P = -0.25D + 250

Q: onsider a hypothetical economy described by the following information: C = 500 I = 100 G = 200 T = 8...

A:

Q: 1. Find the output needed to maximise profit given that the total cost and demand functions are as f...

A:

Q: Jessica a single mom who earns $10 an hour and has 500 hours of time. She is eligible for the follow...

A: The Benefit Reduction Rate is the percentage of earned income that is deducted from a family's basic...

Q: A country's Cobb-Douglas production function is as follows: Y= 5K^(1/2)L^(1/2). If this country has ...

A:

Q: The chart below gives the data necessary to make a Keynesian cross diagram. Assume that the tax rate...

A: Gross domestic product is the summation of consumption, investment, government expenditure, and net ...