8. In a single day Raju, the barber, collects Rs500 from haircuts; over this day, hisequipment depreciates in value by Rs 50. Ofthe remaining Rs 450, Raju pays sales taxworth Rs 30, takes home Rs 200 and retainsRs 220 for improvement and buying of newequipment. He further pays Rs 20 as incometax from his income. Based on thisinformation, complete Raju's contribution tothe following measures of income1. Gross Domestic Product2. NNP at market price3. NNP at factor cost4. Personal income5. Personal disposable income.

GDP or gross domestic product calculates the final value of the good or service, produced…

Answered: a single day Raju, the parber, collects…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 2SCQ: Jonathan is a single father with one child. He can work as a server for $6 per hour for up to 1,500...

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