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Question
If the Nominal Gross Domestic Product = Rs 4,400 and the Price Index (base = 100) = 110, calculate the Real Gross Domestic Product.
Solution
We know,
`"Real GDP" = "Nominal GDP"/"Price Index of Current Year" xx`100
Substituting the given Values in the formula
\[Real GDP = \frac{4, 400}{110} \times 100\]
or, Real GDP = 4, 000
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