ECN 302 Name : 3. Consider the following island economy: Jo . There are two inhabitants Chuck, a former UPS employee, and Wilson, a volleyball . Wilson owns the local coconut water stand, earning $300 in sales through- out the year, and employs Chuck to collect coconuts, where Chuck receives $200 in wages during the year . Chuck owns the sports-ball inflating business and during the year uses his air pump to inflate Wilson, for which he charges Wilson $100 . Chuck buys $300 of coconut water over the year (a) Calculate the GDP of the island economy using the production approach. (b) Calculate the GDP of the island economy using the expenditure approach. (c) Calculate the GDP of the island economy using the income approach. (d) Do the three approaches provide the same number (hint: they should) 4. Fill in the following table of real GDP Shobaemeh Table 1: Real and Nominal GDP in a Simple Economy 2018-20 Percentage Change Year 2018 Year 2019 Year 2020 2019-20 Quantity of Basketballs 100 110 100 Quantity of Oranges 5000 5000 5500 Price of Basketballs $9 $11 Price of Oranges $10 $2 Nominal GDP $2.5 $2 Real GDP in 2018 prices Real GDP in 2019 prices Real GDP in 2020 prices Real GDP in chained prices benchmarked to 2020ECN 302 Name: 5. Use the following data for the year 2016 to answer the questions below. . Germany GDP E3.129 trillion . Germany population 82.67 million . USA GDP $18.57 trillion . USA population 323.1 million . USA price level relative to German price level 1.15 . Dollar / Euro exchange rate $1.107 per E (a) Germany's economy is equal to what percent of the USA economy without taking account for price differences? Germany's per capita GDP is equal to what percent of USA per capita GDP without taking account for price differences? (b) Germany's economy is equal to what percent of the USA economy when taking account for price differences? Germany's per capita GDP is equal to what percent of USA per capita GDP when taking account for price differences? (c) Why are these numbers different?1. Consider the market for scalping Syracuse basketball tickets. We posit that the demand and supply curves are as below. Where Q is the quantity demanded, Qs is the quantity supplied, and p is the price of a scalped ticket: QD = 7000 - 10p Qs = 1000 + 20p (a) What additional condition is required to solve the model? (b) What are the endogenous variables in this model? (c) Solve for the equilibrium endogenous variables. 2. Consider the market for scalping Syracuse basketball tickets. We posit that the demand and supply curves are as below. Where Q is the quantity demanded, Q' is the quantity supplied, and p is the price of a scalped ticket: QD = A - P QS = B+ yp (a) What are the endogenous variables? the exogenous variables? the parameters? (b) What factors might affect A and B? (c) What is the economic interpretation of a and y? (d) Solve for Q* and p*