Economics Question

Please fill in the blanks in ECON Q7_LI.jpg, show your work.

Suppose the information in the following table is for a simple economy that produces only the following four goods: textbooks, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2007 2016 2017 Product Quantity Price Quantity Price Quantity Price Textbooks 100 $52.00 115 $65.00 110 $70.00 Hamburgers 75 2.00 100 2.00 120 2.25 Shirts 70 40.00 60 35.00 85 35.00 Cotton 120 0.90 1,200 0.75 1,300 0.80 a. If the base year is the year 2007, then real GDP for 2016 equals $ (Round your response to the nearest cent.) The real GDP for 2017 equals $ ... (Round your response to the nearest cent.) b. The (annual) growth rate of real GDP during 2017 is %. (Round your response to two decimal places.)