644-Q3

Suppose the information in the table below is for a simple economy that produces only four goods and services: text-books, hamburgers, shirts, and cotton. Assume that all the cotton is used in the production of shirts

2005 2012 2013 Product Quantity Price Quantity Price Quantity Price Textbooks 90 50 100 56 100 65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70