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3 years ago

Goods 1990 Quantities 1990 Prices 2012 Quantities 2012 Prices

Business

1 answer:

swat323 years ago

7 0

Answer:

Real GDP in 2012 is $92

GDP in 1990 is $51

GDP in 2012 is $86

Explanation:

In this question, we apply the produced goods amount formula which is

= Price × Quantity produced

For Real GDP in 2012, the computation is

= (1990 Papaya price × Quantity produced in 2012) + (1990 fish price × Quantity produced in 2012) + (1990 skirts price × Quantity produced in 2012)

= ($1 × 20) + ($0.60 × 20) + ($4 × $15)

= 20 + 12 + 60

= $92

GDP in 1990 is

= (1990 Papaya price × Quantity produced in 1990) + (1990 fish price × Quantity produced in 1990) + (1990 skirts price × Quantity produced in 1990)

= ($1 × 10) + ($0.60 × 15) + ($4 × 8)

= 10 + 9 + 32

= $51

GDP in 2012 is

= (2012 Papaya price × Quantity produced in 2012) + (2012 fish price × Quantity produced in 2012) + (2012 skirts price × Quantity produced in 2012)

= ($0.50 × 20) + ($0.80 × 20) + ($4 × 15)

= 10 + 16 + 60

= $86

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3 years ago

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Answer:

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3 years ago

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