Homework Answers
2019 is a base year
Real GDP 2019= 2019 price of Pears* quantity of pears 2019+ 2019 price of cellphone* quantity of cellphone 2019
=2*100+200*100
=200+20000
=$20,200
Real GDP 2020= 2019 price of Pears* quantity of pears 2020+ 2019 price of cellphone* quantity of cellphone 2020
=2*110+200*110
=220+22,000
=22,220
Real GDP 2021= 2019 price of Pears* quantity of pears 2021+ 2019 price of cellphone* quantity of cellphone 2021
=2*148.5+200*148.5
=297+29700
=29,997
Growth in real GDP= [(real GDP 2021- real GDP2020)/ real GDP2020]*100
=[(29,997-22,220)/ 22,220]*100
=35%
Hence option third is the correct answer.
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