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sergejj [24]
2 years ago
8

The chart gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP

for both years. Use 2017 as the base year. 2016 2017 Price Quantity Price QuantityIce cream $7.00 600 $3.00 400Blue jeans $70.00 20 $20.00 90Laptops $300.00 5 $300.00 52016 nominal GDP: $2016 nominal GDP: $2017 nominal GDP: $2017 nominal GDP: $2016 real GDP: $2016 real GDP: $2017 real GDP: $2017 real GDP: $
Business
1 answer:
Mrac [35]2 years ago
4 0

Answer:

Explanation:

The chart below gives prices and output information for the country of Utopia. Use this information to calculate real and nominal GDP for both years. Use 2017 as the base year.

Year                 2016             2017  

                      Price      Quantity Price Quantity  

Ice Cream $7.00        600      $3.00 400

Blue Jeans $70.00          20       $20.00   90

Laptops       $300.00            5       $300.00     5

2016 nominal GDP = $_(7 x 600) + (70 x 20) + (300 x 5)_ =  $7,100

2017 nominal GDP = $_(3 x 400)+(20 x 90) + (300 x 5)_  = $4,500

2016 real GDP = $__(7100-4500)/ 4500)) / change in ice cream price of 50%+ change in blue jean price of (70-20/20) 250%_______

= 0.57/3 = 0.19% growth. Technically the economy was better in 2016 than in 2017.

2017 real GDP = will be same as nominal, hence no growth  since this is the base year

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Answer:

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Explanation:

The operations of Smith's Corporation are divided into the Child Division and the Jackson Division. Projections for the next year are as follows:

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Sales revenue                 $250,000           $180,000      $430,000

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Sales revenue                 $250,000        

Variable expenses              90,000              

Contribution margin         $160,000            

Direct fixed expenses          75,000              

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Allocated common costs      62,500                

Total relevant benefit         $22,500            

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Answer:

See Below

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