Suppose that in the simple Australian economy three goods are produced: beds, pillows and sheets. The quantities produced and their corresponding prices for 2011 and 2012 are shown in the following table. What is real GDP in 2012, using 2011 as a base year?
|
2011
|
2012
|
|
Quantity
|
Price
|
Quantity
|
Price
|
|
Beds
|
50
|
$100
|
45
|
$110
|
|
Pillows
|
200
|
$40
|
210
|
$45
|
|
Sheets
|
100
|
$10
|
120
|
$12
|