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The following table provides the economic data for an economy. Year 2019 2020 2021 Price Quantity Price Quantity Price Quantity Good 1 6 9500 6.5
The following table provides the economic data for an economy. Year 2019 2020 2021 Price Quantity Price Quantity Price Quantity Good 1 6 9500 6.5 1 1000 6.75 10000 Good 2 26 4000 30 4500 28 4200 Good 3 5 7500 6 6500 7 6500 Good 4 7.5 1600 6 1800 7 1700 Good 5 8 3000 10 3300 12 2800 Good 6 4.5 3000 5 3600 5 3600 Here is some additional information about this economy that holds true for all 3 years unless otherwise stated: Unless otherwise stated, the goods are produced within the economy. . One quarter of good 1 goes to households, while the remainder of the good is equally split between firms and government. Good 2 is a pure consumption good and 15% of it is purchased from abroad. Firms purchase one-fifth of good 3 while the government consumes 30% of the good. The remaining is bought by households. Of the good 3 bought by households, half goes to foreign households while the rest goes to domestic households. Both households and small businesses purchase good 4: 70% goes to households while 30% goes to small businesses. In addition, all the good 4 consumed by small businesses is produced outside the country. Good 5 is purchased by firms and governments only. Domestic firms and government buy 80% of the good and they split them equally; and foreign firm/businesses buy the rest. Good 6 is bought only by households. . The government has chosen 2019 as the base year
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