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70% W,\" Sur Secure | https://www.mathxl Id-468386068&questionld-1;&flushed-false;&cld; 4825340&ce; Upgrade to macos H Enjay the latest technole refinements to your fav ECN 501 (202-Spring 2018 Aaron Plantt | 1/28/18 7:03 Homework: HW-1 (Chapter-12) Score: 0 of 3 pts End of Chapter 3.4 IRelated to Solved Problem #3 Suppose the information Save 140f 15 (13complete) Score: 77.33%, 19.33 of 25 pts HY Question Help 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 2016 Statistics 2017 Statistics Product Quantity Price Quantity Price Quantity Price 100 $65.00 135 3.50 85 35.00 0.70 11,000 0.75 Shoes 90 $50.00 85 3.00 70 40.00 100 $60.00 120 60 35.00 3.00 Shirts Cotton 1,000 0.85 10,000 a.ifthe base year is te year09, ten tnal O for 2016 equals S 776000 (round your answer to the nearest penny) and the real GOP for 2017 adas s 880500 fround your answer to the nearest penny). b The annual growth rate o, real GDP in 2017s % Enter yourosponse as . percentage r und dtohoder alplaces. Enter your answer in the answer box and then click Check Answer All parts showing Clear All Check Answer

Solution

Annual growth =8805-7760/7760 multiplied by 100 =13.47%

Nominal Gdp=125(65)+110(3)+60(30)=10255.Note cotton value is already included in shirts. We have to multiply price and quantity of other items and then adding them