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12. Key Question The following...

12. Key Question The following table shows nominal GDP

and an appropriate price index for a group of selected years.

Compute real GDP. Indicate in each calculation whether

you are inflating or deflating the nominal GDP data.

Nominal Price Index Real GDP

GDP

Year Billions 1996=100 Billions

1960 $527.40 22.19 $

1968 911.5 26.29 $

1978 2295.9 48.22 $

1988 4742.5 80.22 $

1998 8790.2 103.22 $

2. Key Question Suppose an economy’s real GDP is $30,000

in year 1 and $31,200 in year 2. What is the growth rate of

its real GDP? Assume that population is 100 in year 1 and

102 in year 2. What is the growth rate of GDP per capita?

11. Key Question If the CPI was 110 last year and is 121 this

year, what is this year’s rate of inflation? What is the “rule

of 70”? How long would it take for the price level to double

if inflation persisted at (a) 2, (b) 5, and (c) 10 percent per

year?

2. Key Question Graph the accompanying demand data, and

then use the midpoint formula for Ed to determine price

elasticity of demand for each of the four possible $1 price

changes. What can you conclude about the relationship between

the slope of a curve and its elasticity? Explain in a

nontechnical way why demand is elastic in the northwest

segment of the demand curve and inelastic in the southeast

segment

2. Key Question Gomez runs a small pottery firm. He hires

one helper at $12,000 per year, pays annual rent of $5000

for his shop, and spends $20,000 per year on materials. He

has $40,000 of his own funds invested in equipment (pottery

wheels, kilns, and so forth) that could earn him $4000

per year if alternatively invested. He has been offered

$15,000 per year to work as a potter for a competitor. He

estimates his entrepreneurial talents are worth $3000 per

year. Total annual revenue from pottery sales is $72,000.

Calculate the accounting profit and the economic profit for

Gomez’s pottery firm.

and an appropriate price index for a group of selected years.

Compute real GDP. Indicate in each calculation whether

you are inflating or deflating the nominal GDP data.

Nominal Price Index Real GDP

GDP

Year Billions 1996=100 Billions

1960 $527.40 22.19 $

1968 911.5 26.29 $

1978 2295.9 48.22 $

1988 4742.5 80.22 $

1998 8790.2 103.22 $

2. Key Question Suppose an economy’s real GDP is $30,000

in year 1 and $31,200 in year 2. What is the growth rate of

its real GDP? Assume that population is 100 in year 1 and

102 in year 2. What is the growth rate of GDP per capita?

11. Key Question If the CPI was 110 last year and is 121 this

year, what is this year’s rate of inflation? What is the “rule

of 70”? How long would it take for the price level to double

if inflation persisted at (a) 2, (b) 5, and (c) 10 percent per

year?

2. Key Question Graph the accompanying demand data, and

then use the midpoint formula for Ed to determine price

elasticity of demand for each of the four possible $1 price

changes. What can you conclude about the relationship between

the slope of a curve and its elasticity? Explain in a

nontechnical way why demand is elastic in the northwest

segment of the demand curve and inelastic in the southeast

segment

2. Key Question Gomez runs a small pottery firm. He hires

one helper at $12,000 per year, pays annual rent of $5000

for his shop, and spends $20,000 per year on materials. He

has $40,000 of his own funds invested in equipment (pottery

wheels, kilns, and so forth) that could earn him $4000

per year if alternatively invested. He has been offered

$15,000 per year to work as a potter for a competitor. He

estimates his entrepreneurial talents are worth $3000 per

year. Total annual revenue from pottery sales is $72,000.

Calculate the accounting profit and the economic profit for

Gomez’s pottery firm.

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