Product
The following table has production and prices for Pangea for three years:
2015 Output 2015 Prices 2016 Output
900
2222
600
500
Coffee mugs
Burgers
M
Aspirin
800
500
450
$ 10.00
$ 8.00
$ 4.00
2016 Prices
$9.00
$9.00
$5.00
bottles
Calculate Real GDP for each year, using 2016 as the Base Year:
2017 Output
1,000
500
550
2017 Prices
$15.00
$ 10.00
$6.00
