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an economy produces only three goods--x,y,z .x and y are consumption goods whereas the output of z in a year is used up as an in production of x and y in that year....following data is givn...
YEAR Px Qx Py Qy Pz Qz
1. 1 2 2 5 1 2
2. 1.5 3 2 6 1.5 4
3. 1.5 6 3 6 2 5
1.what is gdp at current prices in year 3?(i got 16.5?)
2.if year 1 is the base year,what is gdp at constant prices in year 3?(i got 18)
3.what is the growth rate of real gdp in year 3 if year 1 is base year?(my answer is 50% which is not there in options!!!!!!!!)
i did it this way....for example in year 1 gdp shud be value added by firm x and y =2+10-2=10
value added by firm z =2
so gdp is sum of all value added by firms =10+2=12
is this wrong???????pls pls confirm
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