Calculate the nominal GDP and real GDP for the years shown. Assume that the economy only produces one product (microchips). The base year is 2016. Current price refers to the price obtained for each microchip in the year produced.

Production output Total value of Total value of computer output at of output at microchips current prices 2016 prices (Nominal (Real GDP) GDP) $ $ 2016 1,000 $0.20 2017 2 000 2018 2 500 $0.40