Answer to Question #69186 in Microeconomics for edward

Question #69186

Assume an economy produces only hamburgers and the base year is 2009.

Quantity Produced Price
2009 2010 2009 2010
Hamburgers 2,000 3,000 $2 $3

43. What is the Real GDP in the year 2010?

Expert's answer

Real GDP2010 = P2009 *Q2010
Real GDP2010 = $2* 3 000 = $6 000

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. What is per unit cost?
2. What is the total cost formula?
3. consider the following short run production function q=100 l-l^2. where q is the output level and l
4. A maize farmer produces using two inputs labour(L) and fertilizer(K) the farmers total cost function
5. Here is the daily demand schedule and supply schedule of a cup of small latte in a local coffee shop
6. Using the AE/Y model, show how the AD Curve is derived using output of $1.5T, $2T, and $2.5T, and a
7. Assume that the MPC is .8, calculate the effects of an increase in G of $30B on output, consumption