Calculating GDP 2
The following table has production and prices for Pangea for three years:
Product 2015 Output 2015 Prices 2016 Output 2016 Prices 2017 Output 2017 Prices
Coffee mugs 800 $ 10.00 900 $ 9.00 1,000 $ 15.00
Burgers 500 $ 8.00 600 $9.00 500 $ 10.00
Aspirin bottles 450 $ 4.00 500 $ 5.00 550 $ 6.00
Calculate Real GDP for each year, using 2016 as the Base Year:
Instructions: Enter your answer as a whole dollar amount.
2015 Real GDP = $
2016 Real GDP = $
2017 Real GDP = $
