Consider the following data for a particular country. Real GDP per Capita, Year 1 Population, Year 1 and Year 2 (millions) Inflation Rate Growth Rate of Real GDP, Year 1 to Year 2
$36,000 500 2 percent 7 percent
Instructions:
In part a, enter your answer as a whole number. In part b, round your answer to 2 decimal places.
a. What is real GDP per capita in year 2?
b. What is real GDP in year 2?

Real GDP is inflation adjusted hence there will be no role of inflation. Real GDP per Capita = Real GDP/ Population

Real GDP in year 1 = Real GDP per capita * population

Real GDP in year 1 = $36,000 * 500 million

Real GDP in year 1 = $18 trillion

Growth rate of Real GDP = 7%

herefore Real GDP in year 2 = x - 18/18 = 7/100

Real GDP in year 2 => 100x - 1800 = 126

Real GDP in year 2 => 100x = 126 + 1800

Real GDP in year 2 => 100x = 1926

Real GDP in year 2 => x = 19.26 trillion

So, Real GDP per capita in year 2 = 19.26 trillion /500 million= 38,520

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answer; at prices that violate government price regulations;