- Ensure Paper consists of at least 4 pages, double spaced, 12 point font (times new roman), at least 3 references that support answers and addresses the following questions.
- Show work for all calculations and explain how you got them
Suppose that in 2013, the economy produced 10 shirts at $20 each and 5 hamburgers at $5 each. In 2014, the economy produced 15 shirts at $21 each and 10 hamburgers at $6 each.
- What is the value of real GDP produced in 2014 using 2013 as the base year?
- (show how calculations was received)
- What would be the growth in real GDP?