Increasing wages have caused incomes in the united states to increase. how will this impact the market for spam, an inferior goo
1 answer:
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Answer:
1. 10s
2. Slower than normal
Explanation:
1. To calculate the normal time, we first take the average of Charlene's observed times:
Average of Charlene's observed time = = 8.5s
Her normal time is therefore: =
= 10s
2. Since no of Charlene's observed time is higher than normal time of 10s, we can therefore conclude that her work perfomance should be rated as slower than normal.
Answer: Nominal GDP 2016 = $7,100
REAL GDP 2016 = $3,700
Nominal GDP 2017 = $4,500
Real GDP 2017 = $4,500
Explanation:
To calculate the Nominal and Real GDPs we use the following formulas,
Nominal GDP = Sum of (Current Year Price x Current Year Quantity)
Real GDP = Sum of (Base Year Price x Current Year Quantity)
We make the assumption that 2017 is the base year so calculating would be,
Nominal GDP, 2016 = [(7 x 600) + (70 x 20) + (300 x 5)]
= $(4200 + 1400 + 1500)
= $7,100
Remember for this we will use 2017 as the base year so we will use 2017 prices
Real GDP, 2016 = [(3 x 600) + (20 x 20) + (300 x 5)]
= $(1800 + 400 + 1500)
= $3,700
Nominal GDP, 2017 = [(3 x 400) + (20 x 90) + (300 x 5)]
= $(1200 + 1800 + 1500)
= $4,500
Now seeing as 2017 is the base year, it's nominal and real GDPs will be the same.
Real GDP, 2017 = $[(3 x 400) + (20 x 90) + (300 x 5)]
= $(1200 + 1800 + 1500)
= $4,500
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