Assuming Real Income to Be Rs 200 Crore and Price Index to Be 135, Calculate Nominal Income. - Economics
Assuming real income to be Rs 200 crore and price index to be 135, calculate nominal income.
`"Real Income =""Nominal Income"/"Price Index of Current Year"xx"Price Index of Base Year"`
Consider, Price Index of base year as 100
∴ Nominal Income = Rs 270 crore
Concept: Real and Nominal GDP
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