Given the following hypothetical data (in millions of naira):
1. gross private domestic investment N59
2. contributors for social insurance N8
3. interest paid by customers N3
4. personal consumption expenditures N206
5. transfer payments N20
6. undistributed corporate profits N13
7. indirect business taxes N25
8. net exports of goods and services N4
9. capital consumption allowances N21
10. government purchase or goods and services N59
11. corporate income tax N22
12. personal taxes non-tax payments N29
Calculate
a) gross national product
b) net national product
(c): national income
(d): personal income
(e): disposable income
Help calculate GNP and personal income
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To calculate Gross National Product (GNP) and Personal Income, we need to use the following formula:
GNP = Gross Domestic Product (GDP) + Net income from abroad
Personal Income = National Income - Contributions for social insurance - Undistributed corporate profits - Corporate income tax - Personal taxes non-tax payments + Transfer payments + Interest paid by customers
Let's calculate each step:
Step 1: Calculate GNP
To calculate GNP, we need to find GDP and Net income from abroad.
GDP = Gross Private Domestic Investment + Personal Consumption Expenditures + Government Purchase of Goods and Services + Net Exports of Goods and Services + Capital Consumption Allowances + Indirect Business Taxes + Corporate Income Tax
GDP = N59 + N206 + N59 + N4 + N21 + N25 + N22
GDP = N396
Net income from abroad is not provided in the data. Without that information, we cannot calculate GNP.
Step 2: Calculate Personal Income
Using the provided data, we can calculate Personal Income using the formula mentioned earlier. Let's substitute the values:
Personal Income = National Income - Contributions for social insurance - Undistributed corporate profits - Corporate income tax - Personal taxes non-tax payments + Transfer payments + Interest paid by customers
National Income = GDP - Capital Consumption Allowances - Indirect Business Taxes
National Income = N396 - N21 - N25
National Income = N350
Personal Income = N350 - N8 - N13 - N22 - N29 + N20 + N3
Personal Income = N301
Therefore, the calculations are as follows:
a) GNP = Unknown, since net income from abroad is not provided.
b) Personal Income = N301
You can now proceed with the calculations for the remaining parts (c) and (e) using the formulas outlined above.