Only one Product X is produced in the country Its output during the year 2012 and 2013 was 100 - Economics -

Question

Only one Product X is produced in the country Its output during the
year 2012 and 2013 was 100 units and 110 units respectively The
market price of the product during the year was Rs 50 and Rs 55 per
unit respectively Calculate the percentage change in real GDP and
nominal GDP in the year 2013 using 2012 as the base year

Vanita Rana · Accepted Answer

Dear Student,

Year
Output
Market Price per
unit
Real GDP using base year
price
Nominal GDP using current
year price

2012
100
50
5000
5000

2013
110
55
5500
6050

Percentage change
in Real GDP =
=Change in Real GDPBase year Real GDP×100=5005000×100=10%

Percentage
change Normal GDP =
=Change in Nominal GDPBase yearNominal GDP×100=10505000×100=21%

Year	Output	Market Price per unit	Real GDP using base year price	Nominal GDP using current year price
2012	100	50	5000	5000
2013	110	55	5500	6050