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19 March, 08:11

If GDP MP = Rs. 15,000, NIT=Rs500, find GDP FC.

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  1. 19 March, 08:15
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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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