Hw2 - ECO 301 Intermediate Macroeconomics Spring 2011...

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ECO 301 Intermediate Macroeconomics, Spring 2011 Instructor: Fang Yang Homework Assignment 2 Reminder: The 1st midterm exam is on Thursday February 17, 2011 in class time Due Day: February 15, 2011 at the beginning of lecture Instructions: Please write your name, student ID on the first page. Please show your work. Please put your answers in the order of the questions Please staple your homework 1. (20 points, 5 points each part) Consider an economy that only produces three types of fruit: apples, oranges, and bananas. In the base year (a year ago), the production and price data were as follows: Fruit Quantity Price Apples 3,000 bags $2 per bag Bananas 6,000 bunches $3 per bunch Oranges 8,000 bags $4 per bag In the current year the production and price data are as follows: Fruit Quantity Price Apples 4,000 bags $ 3 per bag Bananas 14,000 bunches $2 per bunch Oranges 32,000 bags $5 per bunch a. Find the normal GDP in the current year and in the base year. What is the percentage increase since the base year? b.
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This note was uploaded on 02/12/2011 for the course ECON 301 taught by Professor Yohng during the Spring '11 term at Albany State University.

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Hw2 - ECO 301 Intermediate Macroeconomics Spring 2011...

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