The table shows some data for an island economy which produces only haircurts an
ID: 1107776 • Letter: T
Question
The table shows some data for an island economy which produces only haircurts and iTunes The base year is 2015 Calculate the value of 2015 production in 2016 prices and the percentage increase In 2015 tem Haircuts iTunes Quantity 100 59 Price $8 each $6 each in production when valued at 2016 prices. The value of 2015 production in 2016 pricos is $ The percentage increase in production when valued at 2015 prices is n 2016 Item Haircuts iTunes Quantity 110 68 Price $10 each $5 each percent >>>Answer to 1 decimal placeExplanation / Answer
1) Solution: The value of 2015 production is 2016 prices is $1295
Working:
Quantity
2016 Price
Value
Haircuts
100
10
1000
I -tunes
59
5
295
1295
2) The percentge increase in production when valued at 2015 prices: 12.22%
Working:
Quantity
2016 Price
Value
Haircuts
100
10
1000
I -tunes
59
5
295
1295
Quantity
2015 Price
Value
Haircuts
100
8
800
I -tunes
59
6
354
1154
(1295-1154) / 1154 * 100 = 12.22%
Quantity
2016 Price
Value
Haircuts
100
10
1000
I -tunes
59
5
295
1295
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