Country A produces two goods, elephants and saddles. In the year 2006, the 30 units of elephants produced sold for $3,000 per unit and the 50 units of saddles produced sold for $300 per unit. In 2007, the 40 units of elephants produced sold for $4,000 per unit, and the 60 units of saddles produced sold for $250 per unit. Real GDP for 2007, assuming that 2006 is the base year is:© BrainMass Inc. brainmass.com March 21, 2019, 8:44 pm ad1c9bdddf
In this case, Real GDP in 2007 assuming 2006 as base year= Market Value ...
The solution describes the steps to calculate Real GDP in the given case.