Question

Score: 0 of 6 pts 6 of 9 (8 complete) HW Score: 37 End of Chapter 3.4 Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and ootlion. Further, assume that all of the cotton is used to produce shirts 2009 Statistics QuantityPriceQuantity Price Quantity Price 2018 Statistics 2019 Statistics 120 $76.00 12。2.25 5 30.00 12,000 0.9012,0000.75 13,000 080 110 $55.00 75 2.00 60 35.00 120 $70.00 1002.00 55 30.00 Shirts а.lfthe base year is the year 2009, ten no ace for 2018 equals sl.-ound your answortothe nearest pony) Enber your answer in the anewer box and then click Check Answer Cear Al

Answer 1

Real gdp= sum of multiplication of price of 2009 and quantity of 2018

Real gdp= 55*120 + 2*100 + 35*55 + 0.9*12000

= 6600 + 200 + 1925 + 10800

= 19525