@zaasmi said in ECO403 Assignmnet 1 Solution and Discussion:
Requirement # 3:
Suppose the economy of Bangladesh produces only two goods; Wheat and apples. Price and quantity of wheat and apples has been given in table no.3 for the years 2013 and 2014. Calculate the following by using given information.
a. Nominal GDP for the year 2014
b. Real GDP for year 2014 by taking 2013 as base year
Table no.3:(Marking scheme: 2 + 2)
Nominal GDP
Price x Quantity + …
=10 x 200 +15 x 110
=3650
Real GDP
Base Price x Quantity + …
=7 x 200 +11 x 110
=2610
