(Answered) Problem suppose that in the simple australian economy three

Management Studies

Problem: Suppose that in the simple Australian economy three goods are produced: beds, pillows and sheets. The quantities produced and their corresponding prices for 2011 and 2012 are shown in the following table. What is real GDP in 2012, using 2011 as a base year?

	2011	2012
	Quantity	Price	Quantity	Price
Beds	50	$100	45	$110
Pillows	200	$40	210	$45
Sheets	100	$10	120	$12

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