(Answered) The economy of utopia produces three goods computers dvds

Engineering

The economy of Utopia produces three goods: Computers, DVDs, and Pizzas. The table below shows the prices and output of the three goods for the years 2014, 2015, and 2016.

Computers DVDs Pizzas

Year Price Quantity Price Quantity Price Quantity

2014 $900 10 $10 100 $15 2

2015 $1,000 10.5 $12 105 $16 2

2016 $1,050 12 $14 110 $17 3

a. Calculate the nominal GDP for Utopia for each of the three years.

b. What is the percentage change in nominal GDP from 2015 to 2016.

c. Calculate the real GDP for Utopia using 2014 prices (2014=base year) for each of the three years.

d. What is the percentage change in real GDP from 2015 to 2016.

e. Discuss why economists consider real GDP a more accurate measure of growth in the economy?

-You should construct a table like the one below and fill in the blanks to answer the questions.

Year Nominal GDP Growth rate Real GDP Growth rate

2014 ------ N/A ------- N/A

2015 ------ ------ ------- -------

2016 ------ ------ ------- -------

View complete question

Computer Engineering, Engineering

Category:- Computer Engineering
Reference No.:- M92560930
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Computer Engineering

Is it ethical for facebook to mine its users posts for

Is it ethical for Facebook to mine its users' posts for signals that those users are about to go through a break up? Is it ethical for the company to then help its clients target their ads based on this research? Is what ...

System analysis and design1 describe a scenario in which

System Analysis and Design: 1) Describe a scenario in which the distribution of users determine the output technology. 2) What is the difference between gradual conversion and modular conversion? 3) At University, the co ...

Software engineeringyou are a webapp designer for

Software Engineering You are a WebApp designer for FutureLearning Corporation, a distance learning company. You intend to implement an Internet-based "learning engine" that will enable you to deliver course content to a ...

Question suppose you are given a turing machine m not

Question : Suppose you are given a Turing machine M (not necessarily a decider), a string w, and a magic genie. You can ask the magic genie whether a certain Turing machine halts on a certain input string, and the genie ...

A student raises her hand in class and states i can legally

A student raises her hand in class and states, "I can legally copy any DVD I get from Netflix because Netflix purchased the DVD and the copyright only applies to the company who purchased the product." Explain whether th ...

To determine in a born-haber cycle how exothermic the

To determine, in a Born-Haber cycle, how exothermic the formation of KCl from potassium metal and chlorine gas is, we need to know the heat of atomization (vaporization) of potassium, the heat of atomization of chlorine ...

Consider the following reactionpcl 5 g -----gt pcl 3 g cl2

Consider the following reaction PCl 5 (g) -----> PCl 3 (g) + Cl2 (g) Kc = .0420 The concentrations of the products at equilibrium are [PCl3] = 0.120 M and [Cl2] = 0.160 M. What is the concentration of the reactant, PCl5, ...

Problemtelephone calls arrive at the rate of 12 per hour at

Problem Telephone calls arrive at the rate of 12 per hour at the reservation desk for Regional Airways. a. Find the probability of receiving 3 calls in a 4-minute interval. If required, round your answer to four decimal ...

Find minimal dfas for the following languages in each case

Find minimal dfa's for the following languages. In each case prove that the result is minimal. (1) L = {a n bm> :n≥2,m≥1}. (2)L = {a n :n ≥ 0,n ≠ 3} (3) L = {a n :n mod 3 = 0}∪{a n : n mod 5 = 1}

On crait 40 of the surviving resistance fightersnbspare

On Crait, 40% of the surviving resistance fighters are pilots. Preparing for KyloRen's assault on their position, a random sample of 25 resistance fighters is taken. Using this information, answer the following questions ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Computer Engineering Expert