calculate GDP at mp and nnp at fc from the following data by income method
Dear Student,
GDPMP is the Market value of all final goods and services produced with in country for a given period of time.
NNPFC is the total value of all final goods and services produced by the factors of production of a country or other polity during a given time period, minus depreciation. It is also referred to as National Income.
GDPMP includes depreciation and Net Indirect Taxes (NIT), and excludes Net Factor Income from Abroad (NFIA).
NNPFC excludes depriciation and Net Indirect Taxes (NIT), and includes Net Factor Income from Abroad (NFIA).
GDPMP = NNPFC + depriciation + NIT - NFIA
Hope that this helps.
Regards
GDPMP is the Market value of all final goods and services produced with in country for a given period of time.
NNPFC is the total value of all final goods and services produced by the factors of production of a country or other polity during a given time period, minus depreciation. It is also referred to as National Income.
GDPMP includes depreciation and Net Indirect Taxes (NIT), and excludes Net Factor Income from Abroad (NFIA).
NNPFC excludes depriciation and Net Indirect Taxes (NIT), and includes Net Factor Income from Abroad (NFIA).
GDPMP = NNPFC + depriciation + NIT - NFIA
Hope that this helps.
Regards