Answer to Question #72677 in Macroeconomics for Sophia

Question

In 2005, 1000 kilograms of potatoes were sold for $4/kilogram. Also, 50 barrels of oil were sold for $55 per barrel. In 2015, 1100 kilograms of potatoes were sold for $6/kilogram. Also, 65 barrels of oil were sold for $60 per barrel.
What is the real GDP for 2005 if 2015 is the base year? Show your calculations.

Answer 1

Real GDP for 2005 if 2015 is the base year is
1000*6+50*60=$9000