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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 110 $55.00 120 $70.00 120 $75.00 Hamburgers 75 2.00 100 2.00 120 2.25 Shirts 50 30.00 50 25.00 65 25.00 Cotton 11,000 0.09 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2022 equals 33 (round your answer to the nearest penny)
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