Can someone help me Chrome File Edit View History Bookmarks

Can someone help me?

Chrome File Edit View History Bookmarks People Window Help 5% Mon 7:25 PM a. E M Chapter 7 Problems connect. e fi ezto mheducation.com hm.tpx ent magine that the U.S. produces only three goods: apples, bananas, and carrots. The quantities produced and the price of the three goods are listed below: nfl s d Goods Quantities produced Prices Applies 6 2.00 10 1.00 Bananas 24 sh Carrots 1.50 Page 169 Instructions: Round your answers to the nearest dollar. a. U.S. GDP is b. Suppose that a drought hits the state of Washington. This drought causes the quantity of apples produced to fall to 3. Th Assuming that all prices rema constant, the new U.S. GDP is leve ch Instructions: Round your answer to the nearest cent. cal We that the quantities produced and the prices of three as the the goods are listed in table. Now, given this situation, carrot sellers decide that the price of ca o. Assume, once again, We If the U.S. GDP is $60.00, the new price of carrots is per carrot. pri LO References eBook & Resources Real versus nominal GDP SIm SIZ nul Check my work

Solution

a) GDP = Price of apple X Quantity of apples + Price of banana X Quantity of banana + Price of carrot X Quantity of carrot = 2 X 6 + 1 X 10 + 1.50 X 24 = 12 + 10 + 36 = $ 58

b) New GDP = Price of apple X Quantity of apples + Price of banana X Quantity of banana + Price of carrot X Quantity of carrot = 2 X 3 + 1 X 10 + 1.50 X 24 = 6 + 10 + 36 = $ 52

c) GDP = Price of apple X Quantity of apples + Price of banana X Quantity of banana + Price of carrot X Quantity of carrot

60 = 2 X 6 + 1 X 10 + Price of carrot X 24

60 = 12 + 10 + Price of carrot X 24

60 - 22 = Price of carrot X 24

38/24 = Price of carrot

Price of carrot = $ 1.58