Question

Year 2020 2021 Q of apple 500 550 Q of computer 5 ? P of Apple...

Year 2020 2021
Q of apple 500 550
Q of computer 5 ?
P of Apple $2 ?
P of computer $1000 $1000

In 2021, the quantity of computers is 3 and the price of apples is $4. Determine the value of real GDP in chained prices in 2020, benchmarked to 2021. Round your answer to the nearest whole number.

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Answer #1

Below is the detailed solution.

Step-1 Find value of all gods produced by multiplying the quantity with the price in 2020 as well as 2021.

Step-2 Find the pices of the same basket of goods as in 2021 but at 2020 prices

Step 3- Find CPI

Step 4- Rela GDP in 2020= Gross GDP in 2020/ CPI

Answer is 4457

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