Use the information in the following table. to answer the question Consider a simple economy that produces only three products: haircuts, burgers, and DVDs. Base year 2014 Product Haircuts Burgers DVDs The growth rate for 2015 is OA Some information is missing OB. 53.8% c. 35% OD. 10% Quantity 2 10 6 Price $10 $2 $15 Quantity 3 10 10 2015 Price $11 $2.45 $15

Use the information in the following table. to answer the question Consider a simple economy that produces only three products: haircuts, burgers, and DVDs. Base year 2014 Product Haircuts Burgers DVDs The growth rate for 2015 is OA Some information is missing OB. 53.8% c. 35% OD. 10% Quantity 2 10 6 Price $10 $2 $15 Quantity 3 10 10 2015 Price $11 $2.45 $15

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 1QP

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Again, please work with the following data set. It describes production of the only three goods made by Economy Zeta, along with their prices, for each of three years. Quantity Price of Quantity of Price of Quantity of Price of of Food Food Energy Energy Shelter Shelter 2018 800 $5 1000 $10 200 $100 2019 850 $6 1100 $12 240 $100 2020 850 $7 1200 $14 300 $100 Year Economists estimate that the average person in this economy consumes 12 units of food, 20 units of energy, and 2 units of shelter over the relevant period. 2018 is the base year. Using the GDP deflator, the inflation rate between 2018 and 2019 for this nation is ______________ percent. (Enter your answer "as a percent, but without the percentage sign." If you think the inflation rate is 99.99 percent, enter only 99.99 in the blank.)
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all af the ontton is used to produce shts 2012 Statistics 2020 Statisties 2021 Statistics Product Quantity 120 Quantity Price Quantity Price Price $75.00 3.50 Shoes 110 $55.00 120 $70.00 Hamburgers 85 3.00 120 3.00 135 Shirts 50 30.00 50 25.00 66 25 00 Cotton 12,000 0.09 12.000 0.07 13.000 0.08 af the base year is the year 2012, then real GDP for 2020 equals $ (round you answer to the nearest pennyl and the real GDP for 2021 equals S (round your answer to the nearest pennyl. b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to hwo decimal places.)
Savings (thousand) Consumption (thousands) 6 Panel A Consumption Move this point along C C Y=C+S O Macmillan Learning Adjust the interactive graph in order to observe the relationship between income, consumption, and saving changes as income increases. Use the graph to help you answer the following questions. 2 3 4 5 6 Panel Bincome (thousands) Savings 4 5 6 S Income (thousands) a. At an income of 4000, how much is consumed? How much is saved? Consumption = $ -500 Savings = $3500 O Consumption = $0 Savings $4000 = Consumption = $ 3500 Savings = $-500 O Consumption = $4000 Savings = $0
1:02 ME . O 51% Adobe Scan 01 Oct 2021 (1) Consider an economy that produces and consumes bread and automobiles. In the following table are data for two different years. Year 2000 2010 Price of an automobile $40,000 $50,000 Price of a loaf bread $20 $30 Number of auto-mobiles produced 100 cars 120 cars Number of loaves of bread produced 600,000 loaves 500.000 loaves How much have prices risen between year 2000 and year 2010? Compare answers given by Laspeyres and Passche price indices Share Modify Comment More V
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics Quantity 90 85 70 12,000 Price $50.00 3.00 40.00 0.09 2020 Statistics Quantity 100 120 60 12,000 2021 Statistics Quantity 100 135 85 13,000 Price $60.00 3.00 35.00 0.07 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny). a. If the base year is the year 2012, then real GDP for 2020 equals $ b. The (annual) growth rate of real GDP in 2021 is%. (Enter your response as a percentage rounded to two decimal places.) Price $65.00 3.50 35.00 0.08
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2009 Statistics 2016 Statistics 2017 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 100 $52.00 115 $65.00 110 $70.00 Hamburgers 85 3.00 120 3.00 135 3.50 Shirts 60 35.00 55 30.00 75 30.00 Cotton 11,000 0.85 10,000 0.70 11,000 0.75 T he GDP deflator in 2017 is: OА. 100 О В. 103.3 O C. 110.9 O D. 119.1
The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 20 2022 Year 2020 2021 2022 2 Price Quantity Price (Dollars) (Quarts) (Dollars) 1 150 2 150 2 2022 Milk The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP (Dollars) 350 700 1,400 300 % % From 2020 to 2021, 4 350 700 Honey 4 Quantity (Quarts) 100 % (Dollars) GDP Deflator 350 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. 100 100 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 200 200 200 did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.
Quantity of Subscriptions to Economics Statistics Quantity of Subscriptions to Office Productivity Apps per Year 1. Total Utility (utils) Apps per Year Total Utility (utils) 30 1 600 1,100 1,500 2 50 3 60 4 68 4 1,800 2,000 2,100 72 75 Refer to the above table and assume that each year this consumer buys only annual subscriptions to economics statistics apps and subscriptions to office productivity apps. The price of a subscription to each type of economics statistics app is $2, and the subscription to each office productivity app is $60 per year. If the consumer's available income is $64 per year, the consumer will purchase economics statistics app(s) andoffice productivity app(e). if the consumer's available income rises to $246, what will be the new combination of economics statistics apps and office productivity apps? economics statistics app(s): and office productivity app(s):
y. "The economy produces three goods: Cell Phones, Computers and Cars. In this economy, cell phone and computer prices have been falling over time, while car prices have increased over time. The prices and quantities of these goods, in two different years (year 1 and year 2), are given below 1 2 Quantity of Cell Phones Quantity of Computers Quantity of Cars Price of Cell Phones (8) 100 Price of Computers (8) 1000 600 Price of Cars (8) 100 150 50 100 10 12 80 5000 8000 a Use a Laspeyres index to determine how much prices have changed from year 1 to year 2. Show your working. (Hint: You will first construct real DP growth using Laspeyres index) b. Use Paasche index to determine how much prices have changed from year 1 to year 2. Show your working. (Hint: You will first construct real GDP growth using Paasche index)
Suppose the intormation in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics 2020 Statistics 2021 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 90 $50.00 100 $60.00 100 $65.00 Hamburgers Shirts 85 3.00 120 3.00 135 3.50 70 40.00 60 35.00 85 35.00 Cotton 10,000 0.08 8,000 0.06 12,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ answer to the nearest penny). (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to two decimal places.)
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. Product Shoes Hamburgers Shirts Cotton 2012 Statistics 2020 Statistics Quantity Price Quantity 100 $52.00 115 85 3.00 120 35.00 0.09 60 55 12,000 12,000 Price $65.00 3.00 30.00 0.07 2021 Statistics Quantity 110 135 75 13,000 Price $70.00 3.50 30.00 0.08 a. If the base year is the year 2012, then real GDP for 2020 equals $ 8265 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).
Part C 3. The manager of a certain gasoline station wants to forecast the demand for the unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The manager has accumulated the following data demand for unleaded gasoline from sales during the past eight months. Month Gasoline Demanded (gallons) Mar 900 Given that the forecast for March is 920. Apr 755 May 650 Jun 550 Jul 625 Aug 730 Sept 820 Oct 1 100 a. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.25. b. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.45. c. Plot the actual demand and the forecasts determined in part a and b on the same graph and compare them. d. Make a comparative analysis out of your answers in the plotted data. (3-5 sentences)