The economy of country A has two sectors: wheat-growing, and flour-making. In 2015, the wheat growers paid their workers a total of $300 and produced a total of 500 kg of wheat. They sold 100kg directly to consumers, and 400 kg to the flour mills. The selling price for 1 kg of wheat was $1.5. The same year, flour producing firms paid their workers $350. They produced 350kg of flour: 300kg were sold on the local market, and 50kg were shipped abroad as exports. The selling price for 1 kg of flour is $4. Compute the GDP for country A in 2015
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- 1. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. Comment on the planned price changes. Would a 10% price reduction have been better for some or all of the products?Question 3 2/2 pts The economy of country A has two sectors: wheat-growing, and flour- making. In 2015, the wheat growers paid their workers a total of $300 and produced a total of 500 kg of wheat. They sold 100kg directly to consumers, and 400 kg to the flour mills. The selling price for 1 kg of wheat was $1.5. The same year, flour producing firms paid their workers $350. They produced 350kg of flour: 300kg were sold on the local market, and 50kg were shipped abroad as exports. The selling price for 1 kg of flour is $4. Compute the GDP for country A in 2015 1,550 Incorrect Question 4 0/ 2 pts In 2016, country A faced unfavorable weather conditions. Wheat production decreased to 450kg. Wheat-growers continued to sell 100kg to consumers, but could only sell 350kg to flour mills. To maintain production, flour mills imported 50kg of wheat from abroad, and maintained their production and sales unchanged. Prices did not move between 2015 and 2016. What is the GDP for 2016? 1,675Q4. Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one- quarter of all the sugar cane is used to produce rum and one- half of all the peanuts are used to produce peanut butter. 2015 Quantity Price Quantity Price Quantity Price 2013 2014 Product Sugar cane Yo-yos 240 s0.80 240 S1.00 300 S1.15 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts s00 2.00 450 2.50 450 2.50 Harmonicas 75 25.00 75 30.00 85 30.00 Peanut butter 100 4.50 85 4.50 85 5.00 a. Use the production and price information in the table to calculate nominal GDP for 2015. b. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015? c. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014…
- 4. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. a. Comment on the planned price changes. b. Would a 10% price reduction have been better for some or all of the products?4. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. a. Comment on the planned price changes. b. Would a 10% price reduction have been better for some or all of the products? 5A. Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics: a. "Nestle Ghana posted a 18% increase in sales" b. "GRIDCO plans to slash…4. DBS Farms is a producer and retailer of farm products. DBSmain products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. a. Comment on the planned price changes. b. Would a 10% price reduction have been better for some or all of the products?
- The economy of Greatstown produces Oranges, Strawberries, and Peaches. Below are the prices and quantities of these products produced between 1999 and 2001: Year 1999 1999 2000 2000 2001 2001 Price Quantity Price Quantity Price QuantityOranges $0.9 5 $1.4 3 $1.3 2Strawberries $0.7 3 $1.4 5 $1.9 6Peaches $1.7 9 $1.8 8 $0.5 8 Calculate Greatstown’s nominal GDP in 2000. Calculate Greatstown’s real GDP in 2001, using 1999 as the base year.Artica is a nation with a simple economy that produces onlysix goods: oranges, bicycles, magazines, paper, orange juice, and hats. Assume that half of all the oranges are used to produce orange juice and one-third of all the paper is used to produce magazines. 2009 2010 2011 PRODUCT QUANTITY PRICE QUANTITY PRICE QUANTITY PRICE 180 $ 0.90 200 $ 1.00 200 $ 1.25 Oranges Bicycles 20 85.00 25 90.00 30 95.00 Magazines Paper 175 3.50 150 3,50 150 3.25 675 0.60 600 0.50 630 0.50 Orange juice 40 3.50 50 4.00 60 4.50 Hats 70 10.00 80 12.50 100 15.00 a. Use the production and price information in the table to calculate nominal GDP for 2011. b. Use the production and price information in the table to calculate real GDP for 2009, 2010, and 2011 using 2009 as the base year. What is the growth rate of real GDP from 2009 to 2010 and from 2010 to 2011?The economy of Questville produces Peppers, Cauliflower, and Cabbages. Below are the prices and quantities of these products produced between 1998 and 2000: 1998 1998 1999 1999 2000 2000 Price Quantity Price Quantity Price Quantity Peppers $1.4 9 $1.4 6 $1.2 3 Cauliflower $0.6 4 $1.8 11 $0.5 5 $1.7 5 10 Cabbages $0.9 $0.6 9 Calculate Questville's nominal GDP in 1999. $ Year Calculate Questville's real GDP in 2000, using 1998 as the base year. $
- In Happy Claptown, there are only 3 goods: Burgers, Patties, and Pizza. The following table shows the prices and quantities produced of these goods in 1990, 2000, and 2010: 1990 1990 2000 2000 2010 2010 Price Quantity Price Quantity Price Quantity Burgers 2.00 500 1.00 600 1.10 690 Patties 7.00 300 10.00 200 10.50 110 Pizza 0.70 300 4.00 200 0.75 420 a) A "market bundle" for a typical family is deemed to be 5 burgers, 3 patties, and 4 pizzas. Compute the consumer price index (CPI) for each of the three years, using 1990 as the base year. b) What was the rate of inflation from 1990 to 2000, using the CPI you calculated in (a)?In Crabby land, there are only 3 goods: Burgers, Patties, and Pizza. The following table shows the prices and quantities produced of these goods in 1990, 2000, and 2010: Burgers Patties Pizza Price 2.00 7.00 0.70 1990 Quantity 500 300 300 Price 1.00 10.00 4.00 2000 Quantity 600 200 200 Price 1.10 10.50 0.75 2010 Quantity 690 110 420 a) A "market bundle" for a typical family is deemed to be 5 burgers, 3 patties, and 4 pizzas. Compute the consumer price index (CPI) for each of the three years, using 1990 as the base year. b) What was the rate of inflation from 1990 to 2000, using the CPI you calculated in (a)? c) Compute the CPI for each of the three years, using 2000 as the base year instead of 1990 but using the same "market bundle." d) What was the rate of inflation from 2000 to 2010, using the CPI you calculated in (c)? Is it the same as your answer to (b)? e) Now suppose that a new market bundle is defined; the "market bundle" is now 6 burgers, 2 patties, and 4 pizzas. Compute the…Eastland College is concerned about the rising price of textbooks that students must purchase. To better identify the increase in the price of textbooks, the dean asks you, the Economics Department's star student, to create an index of textbook prices. The average student purchases three English, two math, and four economics textbooks per year. The prices of these books are given in the accompanying table. 2014 2015 $120 English Textbook Math Textbook $100 1145 150 V 180 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial Economics Textbook 170 200 (a) Using 2014 as a base year, create a price index (CPI) for these books for all years (.e. 2014, 2015, and 2016) (b) What is the percent change in the price index (CPI) from 2014 to 2016? 2016 V $125 155 10pt !!! ען N I XO $1. Q ***