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In 2018 Sokovia produced 1199 of A at a price of 4.65, 302 quantity of B...

In 2018 Sokovia produced 1199 of A at a price of 4.65, 302 quantity of B at a price of 3.55 and 122 quantity of C at a price of 16. In 2019 they produced 1176 quantity of A at a price of 3.45, 413 quantity of B at a price of 1.25, and 102 quantity of C at a price of 11. What was the growth rate of real GDP from 2018 to 2019? Again enter as a percent with 2 decimals.

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Answer #2

ANSWER :-

First of All we find Real GDP For both years:-

=> Real GDP OF 2018 : (Quantity 2018 * price 2018)

A = 1199*4.65 =5575.35

B = 302 * 3.55 = 1072.1

C = 122 *16 = 1952

*Total Real GDP of 2018 = 5563.36+1072.1+1952 = 8599.45

=> Real GDP OF 2019 : (Quantity of 2019 * price of 2018)

A = 1176*4.65= $5468.4

B = 413 *3.55 = $1466.15

C = 102 * 16 = 1632

* Total Real GDP OF 2019 = 5468.4+1466.15+1632 = $8566.85


=> GROWTH RATE OF REAL GDP = current year real gdp - base year real gdp/base Year GDP *100

Real GDP growth Rate = 8566.85-8599.45/ 8599.45*100

= -0.38 % (Rounded)

answered by: anonymous
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