Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $80 million to $160 million between one year and the next.
Required:
a. Assuming that the price of gold increased by 100 percent over the same period, by what numerical amount did Glitter Gulchâs real output change?
b. If the price of gold had not changed, what would have been the change in Glitter Gulchâs real output?
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Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold fro...
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