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
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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