question on REAL GDP HELP PLEASE !!1 (1 Viewer)

[mathslover]

year:1995 money GDP: 4000 CPI:145

year: 2005 money GDP: 7550 CPI: 170

with this question, how do i find out the change in real GDP between 1995 and 2005? has real GDP increased or decreased. im confused with it.. i thought the formula was realGDP=nomGDP X CPI1/CPI2 but then what is CPI1 when calculating real GDP in 1995??

please help with this.. thankyou muchly=]

 

[vmoore]

to find real:
gross GDP/CPI (infaltion) x 100

therefore year 1995:
4000/145 x 100 = 2758.6

2005:
7550/170 x 100 = 4441.18

therefore it has risen by 1682.6 from 1995 to 2005.

money GDP is same as gross GDP

hope this helps

 

[mathslover]

to find real:
gross GDP/CPI (infaltion) x 100

therefore year 1995:
4000/145 x 100 = 2758.6

2005:
7550/170 x 100 = 4441.18

therefore it has risen by 1682.6 from 1995 to 2005.

money GDP is same as gross GDP

hope this helps

thankyou so much !
i didnt even know that formula...! :S