Assume that in year 1 an economy produces 1000 units of, Business Economics

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Assume that in year 1 an economy produces 1000 units of

Assume that in year 1 an economy produces 1000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 1000 units of output, and sells it for $110 a unit, on average. Use year 1 prices to calculate real GDP in Year 1 and Year. What happened to real GDP between years 1 and 2? Why?

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Business Economics: Assume that in year 1 an economy produces 1000 units of

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