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Market price is an important part in microeconomics and pricing has a great importance. Real and nominal prices are very important to understand. So, you must know that in case you have homework related to this, then you must not avoid it. However, to lower your burden of real and nominal price, you must understand that real versus nominal prices homework help is very important for you to understand.
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Explanation of Nominal Prices
In general word nominal price means affordable. It can also be explained as very low price than its real value or cost. However, in Economics, the nominal value means dollar value related to a product to the moment it was produced.
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Explanation of real prices
When you get a product that changes its value according to the inflation rate or deflation rate, then it is called real price. It means the vale changes over time to time. It also indicates that the impact of inflation is always there on real prices.
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Explain real value versus nominal value
The nominal value of a product is always free from inflation or deflation rate. So, it might be constant for a long time. The application of price index is done to get or change of nominal worth to its real worth. Production total or wages are prime examples for the solutions come in this category.
Growth factor is the most important step to understand the formula for converting nominal to real growth rate over time to time. The real value can change the nominal value because of constant price each year.
There is an exact relationship between real value and nominal value, and it is –
Rt = (1+gt) / ( 1- it) -1
Here, gt means nominal growth rate and it is the inflation rate.
Real price versus nominal price can easily understand through graph. So, with the help of a graph comparison gets clear.
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