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Calculate Real Gdp Economics

Calculate real GDP for 2004 and 2005 using 2004 prices.
In 2004, there were 110 compact discs sold at $18.00, and 200 tennis racquets sold at $90.00. The nominal gross domestic product (110 compact discs * $18.00 compact disc's pricing for 2004) + (200 tennis racquets * $90.00 tennis racquets pricing for 2004) = 1,980 + 18,000 = $19,980 gross domestic product for 2004 using 2004 prices. The real gross domestic product for 2004 is $19,980.
In 2005, there were 120 compact discs sold at $20.00, and 210 tennis racquets sold at $95.00. The nominal gross domestic product (120 compact discs * $20.00 compact disc's pricing for 2005) + (210 tennis racquets * $95.00 tennis racquet's pricing for 2005) = 2,400 + 19,950 = $22,350. The real gross domestic product (120 compact disc's * $18.00 compact disc's pricing for 2004) + (210 tennis racquets * $90.00 tennis racquets pricing for 2004) = 2,160 + 18,900 = $21,060 gross domestic product for 2005 using 2004 prices. "Output in the......


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Approximate Word Count: 760
Approximate Pages: 4 (250 words per double-spaced page)

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