Gdp and price index problem
Problem: Suppose nominal GDP of $566 billion in 1992, $600 billion in 1993, and $642 billion in 1994. If 1992 is the base year, the price index is 105 in 1993, and real growth in 1994 is 3 percent, what is the price index in 1994?
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Suppose nominal GDP of $566 billion in 1992, $600 billion in 1993, and $642 billion in 1994. If 1992 is the base year, the price index is 105 in 1993, and real growth in 1994 is 3 percent, what is the price index in 1994?
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Evaluate the impact of the price cut on the (i) total revenue and (ii) contribution margin of Model A. Based on this analysis, should the firm lower the price of Model A?
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