Gorgonzola is a small island nation with a simple economy that produces only six goods:...
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Gorgonzola is a small island nation with a simple economy that produces only six goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one-quarter of all the sugar cane is used to produce rum and one-half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price Sugar cane 240 $0.80 240 $1.00 300 $1.15 Yo-yos 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts 500 2.00 450 2.50 450 2.50 Harmonicas 75 25.00 75 30.00 85 30.00 Peanut butter 100 4.50 85 4.50 85 5.00 Part 2 Nominal GDP for 2015 is $ enter your response here . (Round your response to two decimal places.) Part 3 Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. (Round your responses to two decimal places.) 2013 2014 2015 Real GDP2013 Base Year $ enter your response here $ enter your response here $ enter your response here Part 4 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2013 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP2013-2014 = enter your response here %. Growth rate of real GDP2014-2015 = enter your response here %. Part 5 Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. (Round your responses to two decimal places.) 2013 2014 2015 Real GDP2014 Base Year $ enter your response here $ enter your response here $ enter your response here Part 6 Calculate the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015 using 2014 as the base year. (Round your responses to two decimal places.) Growth rate of real GDP2013-2014 = enter your response here %. Growth rate of real GDP2014-2015 = enter your response here %.
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