The table shows some data for an islạnd economy which produces only dog leashes and dog collars. In 2015 Item Quantity Price The base year is 2015. 100 $4 each Calculate real GDP in 2015 and real GDP in 2016 using the Dog leashes Dog collars 55 $5 each chained-dollar method. In 2016 Real GDP in 2015 using the chained-dollar method is Item Quantity Price $7 each $8 each 107 Real GDP in 2016 using the chained-dollar method is Dog leashes Dog collars 70 >>> Answer with a whole number. CC...
The table shows some data for an islạnd economy which produces only dog leashes and dog collars. In 2015 Item Quantity Price The base year is 2015. 100 $4 each Calculate real GDP in 2015 and real GDP in 2016 using the Dog leashes Dog collars 55 $5 each chained-dollar method. In 2016 Real GDP in 2015 using the chained-dollar method is Item Quantity Price $7 each $8 each 107 Real GDP in 2016 using the chained-dollar method is Dog leashes Dog collars 70 >>> Answer with a whole number. CC...
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The table shows some data for an island economy which produces only
dog leashes and dog collars.
In 2015
Item
Quantity
Price
The base year is 2015.
Dog leashes
Dog collars
$4 each
$5 each
100
Calculate real GDP in 2015 and real GDP in 2016 using the
55
chained-dollar method.
In 2016
Real GDP in 2015 using the chained-dollar method is
Item
Quantity
Price
Dog leashes
Dog collars
$7 each
$8 each
107
Real GDP in 2016 using the chained-dollar method is
70
>>> Answer with a whole number.
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