This Question: 1 pt 13 of 28 (9 complete) Suppose the information in the followi

Question

This Question: 1 pt 13 of 28 (9 complete) Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts 2009 Statistics Quantity Price Quantity 2018 Statistics 2019 Statistics Product Shoes Hamburgers Shirts Cotton 100 $52.00 85 3.00 50 30.00 115 565,00 120 300 50 2500 0.75 Price QuantityPrice 110 $70.00 135 3.50 65 25.00 0.80 12,000 0.90 12,000 13,000 a. If the base year is the year 2009, hen real GDP for 2018 equals s (round your answer to the nearest penny) and the real GDP for 2019 equals s (round your answer to the nearest penny) b. The annual growth rate of real GDP in 2019 s %. Enter your response as a percentage rounded to two decimal places nter your answer in each of the answer boxes O Type here to search

Explanation / Answer

a.

real GDP for 2018=52*115+3*120+30*50+0.90*12000=18640

real GDP for 2019=52*110+3*135+30*65+0.90*13000=19775

b.

growth rate of real GDP 2019=19775/18640-1=6.09%

The above should be the answer..

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