Consider the table. Pants
Shirts
Year Price Quantity
2013 $5.00 2000
2014 $8.00
1900
Price
$15.00
$20.00
Quantity
3000
2500
The table contains prices and output for a two good economy. Nominal and real GDP in 2013 are both $55,000. Use the
information in the table to answer the questions.
What is nominal GDP in 2014?
$
What is real GDP in 2014? Use 2013 as the base year.

Afirm that makes electronic circuits has been ordering a certain raw material 250 ounces at a time. the firm estimates that carrying cost is i = 30% per year, and that ordering cost is about $20 per order. the current price of the ingredient is $200 per ounce. the assumptions of the basic eoq model are thought to apply. for what value of annual demand is their action optimal?

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.

Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. the best way for dan to gain knowledge is to: