1. Before the outbreak of COVID-19 at the end of 2019, each day Americans purchased the ingredients needed for 800 million meals they prepared at home at an average cost of $5 per meal at stores. They also purchased 200 million meals from restaurants at an average price of $12 per meal. As a result of the COVID-19 pandemic, most restaurants had to close or serve only carry out, which reduced the number of meals served by restaurants to 100 million meals per day. Consequently, American households had to prepare 100 million additional meals at home. Assume that the cost of food preparation per meal at home or price per carry out meal at restaurants did not change as a result of the pandemic. How much did this shift in food consumption pattern reduce the US GDP per day in April compared to the pre-pandemic situation?
2. a.$0 million per day
3. b.$500 million per day
4. c.$700 million per day
5. d.$1,000 million per day
6. e.$1,200 million per day