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    Finding real GDP

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    Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005.
    Year Real GDP (2000 prices) Population
    1987 $6,435,000 million 243 million
    2005 $11,092,000 million 296.6 million

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    Solution Preview

    Computation:
    on Real GDP per person
    Real GDP for 1987 = Real GDP in million $ in 1987 ÷ Population in million in 1987
    Real GDP for 1987 = 6,435,000 million ÷ 243 million
    Real GDP for 1987 = $26,481.48 million

    Real GDP for 2005 = Real GDP in million $ in 2005 ÷ Population in ...

    Solution Summary

    This solution computes for the Real GDP per person and a percentage increase in real GDP per person from 1987 to 2005. The spreadsheet file is attached as a computation guide.

    $2.19