The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Item Price 2017 (Base Year) Price 2018 Production Price per Unit ($) Production Price per Unit ($) Rice (tons) 50,000 1.50 55,000 2.00 Wheat (tons) 100,000 2.00 98,000 2.50 Tractors mid-size (units) 50,000 23000.00 45,000 2,450.00 Cotton (tons) 120,000 100.00 110,000 120.00 Used cars 5,000 5,000.00 6,000 7,000.00 Manufacture garments (tons) 150,000 50.00 145,000 70.00 Eggs (trays) 2,000 2.50 2,300 3.50 Coca Cola (litres) 6,000 0.80 6,500 1.20 Pepsi Cola (litres) 700 1.10 850 1.50 Beef (tons) 5,000 6.50 4,800 8.50 Second Hand Clothes (tons) 500 15.00 450 25.00 Alcoholic Beverages (litres) 500 3.25 600 3.75 Milk (litres) 7,000 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.
The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.
|
Item
|
|
Price 2018 |
||
|
Production |
Price per Unit ($) |
Production |
Price per Unit ($) |
|
|
Rice (tons) |
50,000 |
1.50 |
55,000 |
2.00 |
|
Wheat (tons) |
100,000 |
2.00 |
98,000 |
2.50 |
|
Tractors mid-size (units) |
50,000 |
23000.00 |
45,000 |
2,450.00 |
|
Cotton (tons) |
120,000 |
100.00 |
110,000 |
120.00 |
|
Used cars |
5,000 |
5,000.00 |
6,000 |
7,000.00 |
|
Manufacture garments (tons) |
150,000 |
50.00 |
145,000 |
70.00 |
|
Eggs (trays) |
2,000 |
2.50 |
2,300 |
3.50 |
|
Coca Cola (litres) |
6,000 |
0.80 |
6,500 |
1.20 |
|
Pepsi Cola (litres) |
700 |
1.10 |
850 |
1.50 |
|
Beef (tons) |
5,000 |
6.50 |
4,800 |
8.50 |
|
Second Hand Clothes (tons) |
500 |
15.00 |
450 |
25.00 |
|
Alcoholic Beverages (litres) |
500 |
3.25 |
600 |
3.75 |
|
Milk (litres) |
7,000 |
2.30 |
7,500 |
2.50 |
Examine the status of the economic welfare in Goodland Republic in 2018 based on your
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