RUNNING HEAD: Finding GDP1Calculating GDPStudents Name:Institution:Date:Finding GDP2Solution1. GDP+C +I+G+{X-M}Where C= consumptionI= gross national investmentG= gross national expenditure and spendingX=export valueM= import valueTherefore GDP= $500 +$100+$200+{$50-$100}=$ 750Therefore the GDP=$ 7502. Net export = export value- import value={X-M}=$50-$100= -$50.Net export is, therefore -$503. Personal consumption expenditure is the consumption function.C=$5004. Price index= current price/base pricePI=Price of goods in 2017/price of goods in 2010= 120/100= 1.2The GDP is not affected by the price change but influenced by the quantityproduced. Therefore. 1.2 represents the nominal GDP of $750Finding GDPWhat would 1 represent?1 7501.2 = $6253Name: Gdp.editedDescription:PI=Price of goods in 2017/price of goods in 2010 The GDP is not ...
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