mework 2 Time Remaining 71 minutes s Back to Assignment Dead

mework 2 Time Remaining: 71 minutes s Back to Assignment Deadline Today at 08:36 PM 1. (Click the link below to access the table.) Imagine an economy that produces two goods, pencils and erasers. The pencils are made of wood and graphite, and the erasers are made of rubber. Calculate the total GDP in this simple economy using the table. http:/drive.google.com/file/d/OB nFcDTTSUNJVEVTcWJYcXZDbFE/view?usp-sharing Please enter a whole number, with no decimal point. Continue without saving Copyright Notices Terms of Use Privacy Notice Security NoticeAccessibility

Solution

Answer 1. Total GDP in an economy

Pencil=$2.20×1,00,000=$2,20,000

Eraser=$1.25×1,00,000=$1,25,000

Total GDP = $3,45,000

Answer 2: Demographic transition means as society industrialized the rate of population tend to decline to zero or slightly negative growth. As industry developed causes economic and social progress that they affect population growth rates.

Answer : The rule 70 tell us that

Rate of growth = 5%

Number of year population grow = 70/5= 14 years

Answer 4 : The modern supply and demand graph was created by Alfered Marshall. Marshall developed supply and demand curve that shows existance in market Equilibrium.

Answer 5 : The preceding statement is called The law of demand. Law of demand states that there is an inverse relationship between price and quantity demanded.