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Assume the economy only produces the four goods listed below, and that all the wool is used in the production of hats. Calculate real GDP
- Assume the economy only produces the four goods listed below, and that all the wool is used in the production of hats. Calculate real GDP for 2017 and 2018, using 2012 as the base year. What was the growth rate (%) in real GDP between 2017 and 2018? (Show all calculations and explain your answers.)
2012 | 2017 | 2018 | ||||
Quantity | Price | Quantity | Price | Quantity | Price | |
Slippers | 90 | $50.00 | 100 | $60.00 | 100 | $65.00 |
Tacos | 75 | $2.00 | 100 | $2.00 | 120 | $2.25 |
Hats | 50 | $30.00 | 50 | $25.00 | 65 | $25.00 |
Wool | 100 | $0.80 | 800 | $0.60 | 120 | $0.70 |
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Analyzing Superfund Economics, Science And Law
Authors: Richard L Revesz, Richard B Stewart
1st Edition
1317354796, 9781317354796
