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Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further,
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2012 Statistics 2022 Statistics 2023 Statistics Product Quantity Price Quantity Price Quantity Price Shoes 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 12,000 0.09 12,000 0.07 13,000 0.08 a. If the base year is the year 2012, then real GDP for 2022 equals $ (roundyour answer to the nearest penny) and the real GDP for 2023 equals $ (round your answer to the nearest penny). b. The (annual) growth rate of real GDP in 2023 is %. (Enter your response as a percentage rounded to two decimal places.)
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