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very easy economic calculate question. please very seriously focus those question. I want 100% correct. If you are not economic major please don't reply me.
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ECONOMIC DISCUSSION 4
Question Three: Calculating Macroeconomic Variables
a) Nominal Gross Domestic Product
By definition this is given as;
Nominal GDP = (Price of Good 1 × Quantity of Good 1) + (Price of Good 2 × Quantity of Good
2)
= (P1 × Q1) + (P2 × Q2)
Therefore,
NGDP 2013 = ($1 × 100 units) + ($2 × 50 units)
= $100 + $100 = $200.
NGDP 2014 = ($2 × 150 units) + ($3 × 100 units)
= $300 + $300 = $600.
NGDP 2015 = ($3 × 200 units) + ($4 × 150 units)
= $600 + $600 = $1200.
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b) Real Gross Domestic Product
By definition the value is given by;
RGDP = (The Base Price 1 × Quantity of Good 1) + (The Base Price 2 × Quantity of Good 2)
RGDP 2013 = ($1 × 100 units) + ($2 × 50 units)
= $100 + $100 = $200.
RGDP 2014 = ($1 × 150 units) + ($2 × 100 units)
= $150 + $200 = $350.
RGDP 2015 = ($1 × 200 units) + ($2 × 150 units)
= $200 + $300 = $500.
c) Economic Growth Rate in 2015
The measur...