Answer:
You mean friend on brainly?
Sure lol
Price support will be beneficial to producers but costly to consumers.
Price support refers to efforts by a government to keep the price of a commodity higher than it should be were it priced based on supply and demand.
Ways the government can do this include:
- Subsidies
- Production quotas - limiting the quantity produced
- Price controls
Price supports make prices higher than they should be which would give producers more profit therefore tennis racket producers benefit.
On the other hand, they make things more expensive for consumers who will be forced to spend more than they usually do on tennis rackets thereby making it costly to them.
In conclusion, price controls help producers but are costly to consumers.
<em>Find out more at brainly.com/question/2124058.</em>
Answer:
First of all, you can just search it up on the dictionary, but <em>procedures </em>are established or official ways of doing something.
GDP is the total sum of the wealth produced in a country over a given period of time, usually one year. Nominal GDP is GDP at current prices, while nominal GDP is deflated GDP, ie, discounted inflation. Thus, if the inflation rate is 5% = 0.05, we have to use the formula for the real GDP calculation:
Real GDP 2018 = Nominal GDP / 1+ inflation rate
Real GDP = 315 / 1.05 = $ 300 (in billions).
To calculate the GDP growth rate between 2017 and 2018, just narrow the difference between real GDP for both years and divide by the value of real GDP for 2017. The result must be multiplied by 100 to find the percentage value.
GDP growth rate = {(300 - 273) / 273} * 100 = 9.89%
