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In a single day, Raju, the barber, colle...

In a single day, Raju, the barber, collects Rs 500 from haircuts, over this day, his equipmant depreciates in value by Rs 50. Of the remaining Rs 450, Raju pays indirect tax worth Rs 30, takes home Rs 200 and retains Rs 220 for improvement and buying of new equipment. He further pays Rs 20 as income tax from his income. Based on this infomation, complete Raju's constribution to the following measures of income
(a) `GDP_(MP)` (b) `N NP_(MP)` (c) `N NP_(FC)`
(d) Personal income (r) Personal disposable income

Text Solution

Verified by Experts

(a) `GDP_(MP)= Rs 500`
(b) `GDP_(MP)=GDP_(MP)-"Depreciation"+NFIA`
(since no information on NFIA given we take it as zero)
`=500-50+0= Rs 450`
(c) `N NP_(FC)=N NP_(MP)-NIT`
`=450-30= Rs 420`
(d) Personal income `=N NP_(FC)-` Retained earnings
`=420-220= Rs 200`
(e) Personal disposable income = Personal income - Income tax
`=200-20= Rs 180`
(For detail on Personal Income and Personal Disposable Income, refer to section 4.2.4. of Chapter 4)
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