Question

The economy of britannica produces three goods: computers, blu-rays, and pizza. the accompanying table shows the prices and output for the three goods in the years 2012, 2013, and 2014. computers blu-rays pizzas year price quantity price quantity price quantity 2012 $900 10 $10 100 $15 2 2013 1,000 10.5 12 105 16 2 2014 1,050 12 14 110 17 3 calculate the percentage change in production for all three goods from 2012 to 2013. round answers to two places after the decimal when applicable.

Answer 1

The change in production for the economy of Britannica will be 3.33% between 2012 and 2013.

What is change in production?

The change in production is regarded as the change in the quantity of goods produced by a producer at two different prices in an economy. Using the given information, computation will be as below,

$\rm \%\ Change\ in\ Quantity\ Demanded\ = \dfrac{New\ Quantity\ - Old\ Quantity}{Old\ Quantity}\ x 100$

Using the given formula, the change in quantity for the computers will be 5%; Blu-rays will be 5% and no change in the pizzas. The change for these three goods will be averaged to 3.33%.

Hence, the change in production will be 3.33%.

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