Question

Estimate the GDP of the economy in the following hypothetical economy:

Product	Quantity	Price	Market Value
Rollerskates	20	$10
Bycycles	30	$20
Cellphones	40	$100
Shirts	60	$15
Shoes	10	$25

Answer 1

The GDP is the total of market value for all the goods produced within an economy during a certain period. Therefore, the GDP is given as

$GDP=\sum_{i=1}^{n}p_iq_i$

Here pi is the price for ith good and qi is quantity for ith good.

Given the values the market value of the goods are

Product	Quantity	Price	Market Value
Rollerskates	20	$10	$200
Bicycles	30	$20	$600
Cellphones	40	$100	$4,000
Shirts	60	$15	$900
Shoes	10	$25	$250
		GDP	$5,950

The GDP for the hypothetical economy is $5950