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The production output and prices of tables and chairs of Meta Province in 2021 and 2022 are shown in the table below. Assume that 2021
The production output and prices of tables and chairs of Meta Province in 2021 and 2022 are shown in the table below. Assume that 2021 is the base year. Item Quantity (million) Price ($) 2021 Tables 120 $150 Chairs 360 $40 2022 Tables 300 $120 Chairs 600 $50 Calculate: i) Nominal GDP for 2021 and 2022. (4 marks) ii) Real GDP for 2021 and 2022. (4 marks) iii) Real GDP growth rate over these two years. (3 marks) iv) Real GDP per capita in 2022 if the population of Meta Province is 2 million
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