Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $110 million to $220 million between one year and the next. Instructions: Enter your answers as a whole number. a. Assuming that the price of gold increased by 100 percent over the same period, by what percentage did Glitter Gulch's real output change? percent b. If the price of gold had not changed, what would have been the change in value of Glitter Gulch's real output? $ million

Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $110 million to $220 million between one year and the next. Instructions: Enter your answers as a whole number. a. Assuming that the price of gold increased by 100 percent over the same period, by what percentage did Glitter Gulch's real output change? percent b. If the price of gold had not changed, what would have been the change in value of Glitter Gulch's real output? $ million

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 9PA

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