Quiz: Chapter 4 Math Note Quiz Time Remaining: 01:51:28 Submit Quia This Questio

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Quiz: Chapter 4 Math Note Quiz Time Remaining: 01:51:28 Submit Quia This Question: 1 pt 2 of 2 (0 complete) This Quiz: 2 pts possible Data Table in 2014 An economy produces only leaf blowers, lollipops, and jigsaw puzzles. The table gives the quantities produced and prices in 2013 and 2014. The base year is 2013. What is the chained-dollar real GDP in 2014? The chained-dollar real GDP in 2014 is >>Answer with a whole number In 2014 Item Leaf blowers Lollipops Jigsaw puzzles Price $9 each $9 each $7 each Print Done In 2013 Item Leaf blowers Lollipops Jigsaw puzzies Price $2 each $3 each $1 each Quantity 3 Enter your answer in the answer box. Print Done

Explanation / Answer

2013 2014 Item QTY Price QTY Price Q0 P0 Q1 P1 P0Q0 P0Q1 P1Q0 P1Q1 Leaf blowers 9 2 3 9 18 6 81 27 Lollipops 1 3 6 9 3 18 9 54 Jigsaw 3 1 9 7 3 9 21 63 24 33 111 144 Chain Index Growth rate: P0Q1 /P0Q0 * P1Q1 /P1Q0 33/24 * 144/111 = 1.7838= 78.38% Chained Dollar Real GDP in 2004 = P0Q0 (i.e. Nominal GDp of 2013) *1.7838 = 24 *1.7838 = 42.81

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