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The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of apples Quantity of computer software Price of apples 50 55 20 40 $1.00 $1.20 Price of computer software $50.00 $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.)

The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of apples Quantity of computer software Price of apples 50 55 20 40 $1.00 $1.20 Price of computer software $50.00 $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.)

Brief Principles of Macroeconomics (MindTap Course List)
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
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The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of apples Quantity of computer software Price of apples 50 55 20 40 $1.00 $50.00 $1.20 Price of computer software $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $. (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) GDP growth rate using 2009 as base year equals %. (Enter your response rounded to two decimal places.) GDP growth rate using 2010 as base year equals %. (Enter your response rounded to two decimal places.) The arithmetic average of the two growth rates equals %. (Enter your response rounded to two decimal places.)
Transcribed Image Text:The economy of Tuland produces only two products apples and computer software. The following information is available for production and prices of Tuland's products for the years 2009 and 2010. 2009 2010 Quantity of apples Quantity of computer software Price of apples 50 55 20 40 $1.00 $50.00 $1.20 Price of computer software $30.00 Using above information, calculate the following values. Real GDP for 2009 using 2009 as base year equals $ (Enter your response rounded to two decimal places.) Real GDP for 2009 using 2010 as base year equals $. (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2009 as base year equals $ . (Enter your response rounded to two decimal places.) Real GDP for 2010 using 2010 as base year equals $ (Enter your response rounded to two decimal places.) GDP growth rate using 2009 as base year equals %. (Enter your response rounded to two decimal places.) GDP growth rate using 2010 as base year equals %. (Enter your response rounded to two decimal places.) The arithmetic average of the two growth rates equals %. (Enter your response rounded to two decimal places.)
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