If Nominal Income is Rs 600 and Price Index is 100, Find Real Income. - Economics
If nominal income is Rs 600 and price index is 100, find real income.
`"Real Income"="Nominal Income"/"Price Index of Current Year"xx"Price Index of Base Year"`
Consider thatPrice Index of base year as 100
Therefore, Real Income = Rs 600
Concept: Real and Nominal GDP
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