7&8 pleaseHomework Answers
| item | price (2015 ) | quantity (2015 ) | value(2015 ) | price (2016 ) | quantity (2016 ) | value (2016 )( at 2015 prices ) |
| turmeric | 15 | 1000 | 15000 | 20 | 1200 | 18000 |
| cardamom | 5 | 2000 | 10,000 | 10 | 2200 | 11000 |
| sesame seeds | 50 | 100 | 5000 | 100 | 20 | 1000 |
real gdp 2015 = turmeric value + cardamom value - sesame seeds value
= 15000 + 10,000 - 5000
= $20,000
real gdp 2016 = 18000 + 11000 - 1000
= $28000
since population ha remained same , the Real gdp per capita has increased .
b ) gdp deflator (2015 ) nominal gdp *100 / real gdp
= 20,000 *100/ 20,000 = 100
gdp deflator (2016 ) = nominal gdp 2016 *100 / real gdp
= 44000*100/28000 = 157.14
inflation rate = gdp deflator 2016 - gdp deflator 2015 /100
= 157.14 - 100/100
.57 or 57.14%
( done 1 question as per policy )
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