b) Use the production and price information in the table to calculate real GDP for 2016, 2017, and 2018 using 2016 as the base year. What is the growth rate of real GDP from 2016 to 2017 and from 2017 to 2018? c) Use the production and price information in the table to calculate real GDP for 2016, 2017, and 2018 using 2017 as the base year. What is the growth rate of real GDP from 2016 to 2017 and from 2017 to 2018? 2016 2017 2018

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.