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# What formula or formulas would I use to calculate the question below?

What formula or formulas would I use to calculate the question below?

﻿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.

2009 Statistics

2014 Statistics

2015 Statistics

Product

Quantity

Price

Quantity

Price

Quantity

Price

Shoes

110

110

​\$55.00

55.00

120

120

​\$70.00

70.00

120

120

​\$75.00

75.00

Hamburgers

85

85

3.00

3.00

120

120

3.00

3.00

135

135

3.50

3.50

Shirts

70

70

40.00

40.00

60

60

35.00

35.00

85

85

35.00

35.00

Cotton

10 comma 000

10,000

0.80

0.80

8 comma 000

8,000

0.60

0.60

12 comma 000

12,000

0.70

0.70

a. If the base year is the year​ 2009, then real GDP

for 2014 equals ​\$

nothing

​(round your answer to the nearest​ penny) and the real GDP for 2015 equals ​\$

nothing

b. The​ (annual) growth rate of real GDP in 2015 is

nothing

​%. ​(Enter your response as a percentage rounded to two decimal​ places.)

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