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Economics

Suppose the information in the following table is for a simple economy that produces only the following four goods and services: textbooks, hamburgers, shirts, and cotton. Assume that all the cotton is used in the process of producion.

2005 2009 2010

Textbooks Q: 80 P:49 Q:100 P:60 Q:100 P:65

Hamburgers Q:65 P:1.5 Q:100 P: 2 Q:120 P:2.25

Shirts Q:40 P:28 Q:50 P:25 Q:65 P:25

cotton Q:10000 P:6.5 Q: 8000 P:.6 Q:12000 P:.7

a. use the info. in the table to calculate real GDP for 2009 and 2010, assuming that the base year is 2005.

b. what is the growth rateof real GDP during 2010?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9473526

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