Question

Suppose a country produces four goods: wheat, cloth, cement and coffee. The production of the four commodities in the year 2021 ----2022 was 1000 units, 5000 units, 2000 units and 500 units respectively. The per unit price of the four commodities is BR 10, BR 20, BR 50 , and BR 2,00,000 respectively. Find out the GDP at market prices.​

Answer 1

To find the GDP at market prices, we need to multiply the quantity of each good produced by its price and then sum them up.

For Wheat: 1000 units * BR 10/unit = BR 10,000

For Cloth: 5000 units * BR 20/unit = BR 100,000

For Cement: 2000 units * BR 50/unit = BR 100,000

For Coffee: 500 units * BR

200,000/unit = BR 100,000,000

Summing all the values gives us the GDP at market prices:

BR 10,000 + BR 100,000 + BR 100,000 + BR 100,000,000 = BR 100,210,000

So, the GDP at market prices for this country in the year 2021-2022 was BR 100,210,000.