R
Rishabh Joshi
Member
How to solve this question? I'm getting a different answer.
In the (ii) part, I applied the formula of GDP deflator to find the real income and then applied the formula of REAL GDP per head. But got the wrong answer. Please tell me how to solve both the parts and any other formula that i can use here.
Government statisticians in Country X are trying to estimate the changes in the country’s standard of living over a 10-year period. The following table shows the available information.
GDP (in $000 millions) at current prices GDP for 2010= 250
GDP (in $000 millions) at current prices GDP for 2020= 750
GDP deflator (1996 = 100)* for 2010= 136
GDP deflator (1996 = 100)* for 2020= 258
Population (in millions) in 2010= 50
Population (in millions) in 2020= 60
(i) Calculate the GDP for 2020 at 2010 prices, and hence the increase in real GDP. (ii) Calculate the growth in real GDP per head between 2010 and 2020.
(ii) Calculate the growth in real GDP per head between 2010 and 2020.
In the (ii) part, I applied the formula of GDP deflator to find the real income and then applied the formula of REAL GDP per head. But got the wrong answer. Please tell me how to solve both the parts and any other formula that i can use here.
Government statisticians in Country X are trying to estimate the changes in the country’s standard of living over a 10-year period. The following table shows the available information.
GDP (in $000 millions) at current prices GDP for 2010= 250
GDP (in $000 millions) at current prices GDP for 2020= 750
GDP deflator (1996 = 100)* for 2010= 136
GDP deflator (1996 = 100)* for 2020= 258
Population (in millions) in 2010= 50
Population (in millions) in 2020= 60
(i) Calculate the GDP for 2020 at 2010 prices, and hence the increase in real GDP. (ii) Calculate the growth in real GDP per head between 2010 and 2020.
(ii) Calculate the growth in real GDP per head between 2010 and 2020.