Question

Scenario 1: Imagine that an economy produces two goods, flashlights and fishing lures. In 2011, the economy produced 70 flashlights and 40 fishing lures, and the prices of flashlights and fishing lures were $5 and $12, respectively. In 2012, the economy produced 85 flashlights and 50 fishing lures, and the prices of flashlights and fishing lures were $7 and $15, respectively.


Based on the information in Scenario 1, nominal GDP grew by about ________ percent from 2011 to 2012.


23

31

62

162

Answer 1

@mary.rojas

Answer 2

@nincompoop

Answer 3

@Abhisar

Answer 4

I am really sorry, but this is not my forte, my help in this can prove disastrous for uh \(\color{green}{\huge\ddot\smile}\)

Answer 5

am sorry :( hopefully someone else can help you

Answer 6

i know someon who can help me but the problem is he is offline

Answer 7

@annas

Answer 8

Initial sum = 70*5+12*40= 830
next year = 85*7 + 50*15= 1345
Change = 1345-830/830

Answer 9

@Awesome781 can you solve now?

Answer 10

I got 1344

Answer 11

No it is (1345-830)/830

Answer 12

(1345-830) is the change and then you divide it with previous year to get the %change

Answer 13

ok now I got a decimal answer O.O

Answer 14

Yeah and now you have to round off.
Check the question it says "grew by about" where about means to round off to nearest whole number

Answer 15

oh lol I knew that :P
I got C. 62

Answer 16

Good!

Answer 17

Thanks for the help @ankit042 you are the besttt!!!!!

Answer 18

haha you are welcome!