Let the price of Barbancourt (the Haitian Rum) be $15 a bottle in 2000 and $25 i

Question

Let the price of Barbancourt (the Haitian Rum) be $15 a bottle in 2000 and $25 in 2010, and its production 5000 and 7500 bottles respectively for the two years. Let the price of a bag of rice be $20 in 2000 and $35 in 2010, when its production is 10000 and 25000 bags for the same two years. Let the price of a bag of beans be $30 in 2000 and $40 in 2010, when its production is 8000 and 20000 bags of the two years respectively. Using the year 2000 as the base year, compute: a. The Nominal GDP for both years b. The real GDP for both year

Explanation / Answer

2000 2010 P Q TR P Q TR Barbancourt (the Haitian Rum) 15 5000 75000 25 7500 187500 Bag of Rice 20 10000 200000 35 25000 875000 Bag of Beans 30 8000 240000 40 20000 800000 Total 65 515000 100 1862500 Nominal GDP 2000 515000 Nominal GDP 2010 1862500 Real GDP 2000 7923.0769 Real GDP 2010 1210625

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