Final answer:
The real GDP in Molpol in year 1 is $200,000. In year 2, the real GDP will be $210,080. The rate of economic growth between year 1 and year 2 is 5.04%.
Step-by-step explanation:
To calculate the real GDP in Molpol in year 1, we multiply the total input of labor (20,000 hours) by the productivity per worker ($10 per hour). This gives us a real GDP of $200,000.
In year 2, with an increase in work hours to 20,200 and a productivity increase to $10.4 per hour, we can calculate the real GDP by multiplying the total input of labor (20,200 hours) by the new productivity per worker ($10.4 per hour). This gives us a real GDP of $210,080.
To calculate the rate of economic growth between year 1 and year 2, we use the formula: (Real GDP in year 2 - Real GDP in year 1) / Real GDP in year 1. Substituting the values we calculated earlier, we have: (210,080 - 200,000) / 200,000 = 0.0504, or a growth rate of 5.04%.