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Camille Murray
18 November, 03:25
If GDP MP = Rs. 15,000, NIT=Rs500, find GDP FC.
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August Spears
18 November, 05:05
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GDP FC will be Rs 14,500.
Explanation:
Formula for Gross Domestic Product at market price = Gross Domestic Product at factor cost + indirect taxes - subsidies.
In the above question Gross Domestic Product at market price is given that is Rs 15000, Net Indirect tax (indirect tax - subsidy) that is Rs 500 has been given, to find the value of Gross Domestic Product at factor cost, we have to follow the procedure.
GDP MP = GDP FC + NIT
15000=GDP FC + 500
GDP FC = 15,000-500 = 14,500
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