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Answer:
The complete table is attached.
Explanation:
Use the fact that nominal GDP = price of cupcake in current year x quantity of cupcake in current year + price of envelope in current year x quantity of envelope in current year
Real GDP = price of cupcake in base year x quantity of cupcake in current year + price of envelope in base year x quantity of envelope in current year
We find that, for example, nominal GDP 2013 = 4*150 + 2*180 = 960 while real GDP 2013 = 2*150 + 5*180 = 1200.
Hence deflator 2013 = nominal GDP 2013/Real GDP 2013 = 960/1200 = 80.
From 2013 to 2014, nominal GDP decreased , and real GDP decreased .
The inflation rate in 2014 (42 - 80)*100/80 = -47.50%
Real GDP is a more accurate measure because it is not influenced by price changes, but nominal GDP is.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
During the year, Allyson manufactured 90,000 jet skis. Finished goods inventory had the following units:
January 1: 18,000
December 31: 18,000
A) We need to use the following formula:
Units sold= beginning inventory + production - ending inventory
Units sold= 18,000 + 90,000 - 18,000= 90,000 units
B) Unitary cost= $2,600
Cost of goods sold= sold units* unitary cost
COGS= 90,000*2,600= $234,000,000
<span>A and b are substitute goods, but a and c are complementary goods. If the cost of producing a decreases, then the demand for B will decrease and the demand for C will increase. The demand changes due to price and substitutes. If something is a direct substitute of something else and the demand for the item is the same and one is cheaper, the demand for the cheaper, same item will remain constant. </span>