Question
Suppose a simple island economy produces only three goods: oranges, fish, and bicycles.Additionally, the economy consumes and imports magazines from a foreign country. The production
Suppose a simple island economy produces only three goods: oranges, fish, and bicycles.Additionally, the economy consumes and imports magazines from a foreign country. The production numbers for the domestic goods and foreign magazines are below:
2018 | 2019 | |||
Quantity | Price | Quantity | Price | |
Oranges | 180 | $0.90 | 220 | $1.50 |
Fish | 40 | $3.50 | 50 | $4.00 |
Bicycles | 20 | $85 | 30 | $90 |
Magazines | 175 | $3.50 | 150 | $3.50 |
1. Using 2018 as the base year, calculate fixed-weight real GDP in 2018.
2. Using 2018 as the base year, calculate fixed-weight real GDP in 2019.
3. Using 2018 as the base year, calculate the growth rate of output between 2018 and 2019.
4. Using 2019 as the base year, calculate the fixed-weight real GDP in 2018.
5. Using 2019 as the base year, calculate the fixed-weight real GDP in 2019
6. Using 2019 as the base year, calculate the growth rate of output between year 2018 and 2019.
7. show work plz
[Remember if the value is $3,000 put 3000 in the answer box and $ in the units box. ]
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