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What is the real gdp for 2015

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Reference no: EM131517932

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 2014 STATISTICS 2015 STATISTICS

PRODUCT QUANTITY PRICE QUANTITY PRICE QUANTITY PRICE

shoes 110 55.00 120 70.00 120 75.00

Hamburger 80 2.50 110 2.50 125 2.75

Shirts 60 35.00 55 30.00 75 30.00

Cotton 1000 0.80 8000 0.60 12000 0.70

1) If the base year is the year? 2009, WHAT IS THE REAL GDP FOR 2014? ?(round your answer to the nearest? penny)

2) What is the real GDP for 2015? ?(round your answer to the nearest? penny).

3) What is the the? (annual) growth rate of real GDP in 2015 %? ?(Enter your response as a percentage rounded to two decimal? places.)

Reference no: EM131517932

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