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A south sea island produces only coconuts. In 2010, the price of a coconut is $1.50 and the quantity produced is 300. In 2012, the price of a coconut is $0.50 and the quantity produced is 350. 2010 is the base year. Real GDP in 2012 is ______.

Respuesta :

vunderkid
1.50*300=$450
0.5*350=$175
(175/450)*100=39%
Real GDP in 2012 is 39%

Real GDP in 2012 is 525.

  • The calculation is as follows;

= Price of coconut in year 2010 × quantity produced in 2012

= $1.50 × 350

= $525

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