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
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 ...
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.