Calculate the value real gdp philippines

College of Administrative and Financial Sciences

• The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.

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2. Suppose that this country engages in trade.

1. Calculate the amount of consumer surplus that results in this market.

3. How many t-shirts does this county import?

4. Calculate the amount of consumer surplus that results in this market.

Below, you are provided with three years of data on the quantities that are produced of two goods and the market price of each. You will use this data to calculate Nominal GDP and Real GDP.

Bananas and Mango are produced in Philippines. Many other final goods and services are produced in Philippines, but we will assume that Bananas and Mango are the only two final goods produced in this country. The table below provides the number of bananas and mango that are produced in Philippines in three different years. The table also provides the price of a banana and the price of a mango in each year.

Cheese and Chocolate are two goods that are consumed in Holland. Many other final goods and services are consumed in Holland, but for simplicity, we will assume that Cheese and Chocolate are the only two final goods consumed in the country. The table below provides the quantity of Cheese and Chocolate that are consumed by the average, urban family of four in Holland in two different years. The table also provides the price of a Cheese and the price of chocolate in each year.

Suppose that 2016 is the base year.

1. Calculate the CPI in 2016 and 2017. Round your answer to the nearest one-hundredth.