Business
Business, 10.08.2021 04:10, mimithurmond03

Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken was priced at $10. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 22,000 buckets were produced. Required:
a. Determine the GDP price index for 1984, using 2005 as the base year.
b. What were the amounts of real GDP in 1984 and 2005?

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