Table 7.5 Calculating real GDP

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Table 7.5 Calculating real GDP mcconnell brue Table 7.5 Calculating real GDP

Year Units Of Output Price of Pizza Per unit Price index Year 1=100 Unadjusted or Nominal GDP Adjusted or Real GDP 1 5 $10 100 $50 2 7 20 200 140 70 3 8 25 250 80 4 10 30 11 28

Year Units Of Output Price of Pizza Per unit Price index Year 1=100 Unadjusted or Nominal GDP Adjusted or Real GDP 1 5 $10/10 100 $50 2 7 20/10 200 140 70 3 8 25/10 250 80 4 10 30/10 300 11 28/10 280

Year Units Of Output Price of Pizza Per unit Price index Year 1=100 Unadjusted or Nominal GDP Adjusted or Real GDP 1 5 $10 100 5*10= $50 2 7 20 200 7*20= 140 70 3 8 25 250 8*25= 80 4 10 30 10*30= 300 11 28 11*28= 308

Year Units Of Output Price of Pizza Per unit Price index Year 1=100 Unadjusted or Nominal GDP Adjusted or Real GDP 1 5 $10 100 $50 50/1= 2 7 20 200 140 140/2= 70 3 8 25 250 200/2.5= 80 4 10 30 300 10*30= 300/3= 11 28 280 11*28= 308 308/2.8= 110