The table shows some data for an island economy which produces only herbal teas and hot chocolate. In 2015 The base year is 2015. Item Quantity Price Herbal teas 94 $6 each Calculate real GDP in 2015 and real GDP in 2016 using the chained-dollar method. Hot chocolate 53 $5 each In 2016 Item Quantity Price Real GDP in 2015 using the chained-dollar method is Herbal teas 112 $5 each Hot chocolate 67 $5 each Real GDP in 2016 using the chained-dollar method is >>> Answer with a whole number.

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Measuring A Nation's Income
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The table shows some data for an island economy which
produces only herbal teas and hot chocolate.
In 2015
The base year is 2015.
Item
Quantity
Price
Herbal teas
94
$6 each
Calculate real GDP in 2015 and real GDP in 2016 using the
chained-dollar method.
Hot chocolate
53
$5 each
In 2016
Item
Quantity
Price
Real GDP in 2015 using the chained-dollar method is
Herbal teas
112
$5 each
Hot chocolate
67
$5 each
Real GDP in 2016 using the chained-dollar method is
>>> Answer with a whole number.
Nct
Transcribed Image Text:The table shows some data for an island economy which produces only herbal teas and hot chocolate. In 2015 The base year is 2015. Item Quantity Price Herbal teas 94 $6 each Calculate real GDP in 2015 and real GDP in 2016 using the chained-dollar method. Hot chocolate 53 $5 each In 2016 Item Quantity Price Real GDP in 2015 using the chained-dollar method is Herbal teas 112 $5 each Hot chocolate 67 $5 each Real GDP in 2016 using the chained-dollar method is >>> Answer with a whole number. Nct
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