Question:
The Republic of Republic produces two goods/services, fish (F) and chips (C). In 2006, the 2000 units of F produced sold for $5 per unit and the 5000 units of C produced sold for $2 per unit. In 2007, the 2500 units of F produced sold for $7 per unit, and the 6,000 units of C produced sold for $3 per unit. Calculate Real GDP for 2007, assuming that 2006 is the base year.