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Wednesday, 25 May 2016

Suppose, an economy produces only three goods-wheat, rice and cotton, the prices and quantities produced of these goods are shown in the table given below. The base year in 2003-04 and the current year is 2013-14 Calculate the value of nominal and real national income. @9599608544

Suppose, an economy produces only three goods-wheat, rice and cotton, the prices and quantities produced of these goods are shown in the table given below. The base year in 2003-04 and the current year is 2013-14 Calculate the value of nominal and real national income. 
Commodities   Price per Kg.         Quantity produced             Price per
                         in 2013-14 (Rs.)     in 2013-14 (kg.)                kg in 2003-04 (Rs.)
   Wheat                   20                         2000                                   10
   Rice                      40                         1500                                   20
   Cotton                   60                          500                                   30  



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