Suppose that in the year 2000 the total output in a single-good economy was 7000 wallets. Also suppose that in 2000 each wallet was priced at $10. Finally, assume that in 2010 the price per wallet was $16 and that 22,000 wallets were produced. Determine real GDP for 2000 and 2010, in 2000 prices.

Here is my work so far:

Real GDP= Quantity * Base year price

The base year is 2,000(in terms of 2,000 prices)

Real GDP in 2,000= 7,000*10=7,000

*Real GDP for 2,000 is $7,000

Real GDP in 2010= 22,000*10=220,000

*Real GDP for 2010 is $220,000

If the wallet in 2,000 is $10 while the per wallet in 2010 is $16. Do I multiply both years by $10 or does 2010 need to be multiplied by $16?

Overall is my problem set up correctly to answer this question? Thanks