# ECO403 Assignment 1 Solution 2021 - VU Answer

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ECO403 ASSIGNMENT 1 SOLUTION SPRING 2021

Requirement No 1:

Table no.1:

 Year 2016 Year 2017 Goods Price (Rs) Quantity Price (Rs) Quantity Orange 05 200 07 300 Mango 07 100 10 200

Calculate the following by using given information.

1. Nominal GDP for the year 2016:

2. Nominal GDP for the year 2017:

Solution:

Nominal GDP for the year 2016:

Hint : GDP = [P (O) Q (O)] + [P (M) Q (M)]

 Year 2016 Nominal GDP Price (Rs) Quantity Rs.1700 05 200 07 100

Nominal GDP for the year 2017:

Hint : GDP = [P (O) Q (O)] + [P (M) Q (M)]

 Year 2017 Nominal GDP Price (Rs) Quantity Rs.4100 07 300 10 200

Requirement No 2:

Hint : GDP = C + I + G + NX

 Items (Rs.) Year 2015 Year 2016 Year 2017 Consumption (C) Rs. 40,000 Rs.55,000 Rs.50,000 Investment (I) Rs.20,000 Rs. 25,000 Rs.40,000 Government expenditures (G) Rs.60,000 Rs.45,000 Rs. 50,000 Net exports (NX) Rs.10,000 Rs.15,000 Rs.30,000 Gross Domestic Product = Y Rs.1,30,000 Rs.1,40,000 Rs.1,70,000

Requirement No 3:

 Indicators Year 2019 Adult Population 150,0000 No. of unemployed persons 700,000 No. of employed persons 500,000 Labor force participation rate = 80% Unemployment rate = 58.3%

Labor force participation rate:

= Labor force / Adult population  x 100

= 700000 + 500000 / 1500000 x 100

= 80%

Unemployment Rate :

= Unemployment person / Labor Force x 100

= 700000 / 1200000 x 100

= 58.333%

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