View the step-by-step solution to:

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

LOADING...

for 2014 equals ​$

nothing


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

nothing


​(round your answer to the nearest​ penny).

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

nothing


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

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question