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Answer :
In 2020, the country of Airotciv produced 25 kilos of avocados and 24 kilos of pears. Both fruits were used only for final consumption and nothing else was produced. In 2020, a kilo of avocados sold for $4 while a kilo of pears sold for $5. Airotciv's nominal GDP in 2020 was $220.
To calculate Airotciv's nominal GDP for the year 2020, we need to consider the production quantities and the selling prices of avocados and pears, as both were used for final consumption.
- Airotciv produced 25 kilos of avocados at $4 per kilo.
- Airotciv produced 24 kilos of pears at $5 per kilo.
Here’s the step-by-step calculation:
- Calculate the total value of avocados: 25 kilos × $4 per kilo = $100.
- Calculate the total value of pears: 24 kilos × $5 per kilo = $120.
- Sum the values to find the nominal GDP: $100 (avocados) + $120 (pears) = $220.
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