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Calculation of gdp

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The economy produces only one good, FatBit. The economy produced 5,000 units of FatBit during Year 1 and 7,000 units of FatBit in Year 2. The price of each unit of FatBit in Year 1 was $100 and it was $200 in Year 2. Suppose Year 1 is taken as the base year for the calculation of GDP.

Reference no: EM131373066

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