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The following table has production and prices for Pangea for three years: Product 2015 Output 2015 Prices 2016 Output Coffee mugs $14.00 $ 7.5.00

 

The following table has production and prices for Pangea for three years: Product 2015 Output 2015 Prices 2016 Output Coffee mugs $14.00 $ 7.5.00 Burgers Aspirin $6.00 bottles 900 600 500 1,000 700 450 2016 Prices 2017 Output 2017 Prices $ 12.00 $9.00 $ 15.00 $ 8.00 $ 8.00 $ 5.00 Calculate Real GDP for each year, using 2016 as the Base Year: - 1,200 800 400

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To calculate the real GDP for each year using 2016 as the base year we need to adjust the nominal GDP figures for each year by accounting for changes ... blur-text-image

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