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Question: question calculating chainweighted real gdp prices in dollars and production...

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Question: Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provide... Calculating chain-weighted real GDP Prices (in dollars) and production for an orchard are provided in the following table: Year--------Good------Price------Quantity 2016-------apples -----5----------20,000 2016-------apple juice---10-------9,000 2016-------cider----------14--------5,000 ________________________________ 2017------apples--------8--------25,000 2017----apple juice----15-------12,000 2017-----cider-----------18-------4,500 ______________________________ 2018----apples----------12-------35,000 2018-----apple juice----18-------15,000 2018-----cider------------25-------10,000 In all years, half of all apple production is used to produce apple juice and cider. For this problem, round all market values to the nearest whole dollar. a) Calculate chain-weighted production in all three years using 2016 as the base year, then calculate output growth for 2017 and 2018.

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