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Suppose a simple island economy produces only three goods: oranges, fish, and bicycles.Additionally, the economy consumes and imports magazines from a foreign country. The production

Suppose a simple island economy produces only three goods: oranges, fish, and bicycles.Additionally, the economy consumes and imports magazines from a foreign country. The production numbers for the domestic goods and foreign magazines are below:

2018

2019

Quantity

Price

Quantity

Price

Oranges

180

$0.90

220

$1.50

Fish

40

$3.50

50

$4.00

Bicycles

20

$85

30

$90

Magazines

175

$3.50

150

$3.50

Using 2018 as the base year, calculate fixed-weight real GDP in 2018. [Remember if the value is $3,000 put 3000 in the answer box and $ in the units box. ]

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