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In 2011, the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500. Maconia had 5% growth in real GDP per person. In 2012 it had a population of 8,400. To the nearest dollar what was real GDP in Maconia in 2012?

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hyderali230

Answer:

$226,416

Explanation:

Real GDP is the value of all economic output of the country which is adjusted for price changes like inflation. Real GDP per capita is the Value of GDP per person.

2011

Real GDP Per Capita = GDP value / Total Population

Real GDP Per Capita = 210,500 / 8,200

Real GDP Per Capita = 25.67073

2012

Real GDP per capita after growth = 25.67073 x 105% = $26.95427

Total Real GDP = Real GDP per capita x population = $26.95427 x 8,400 = $226,416

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