Determine the GDP Price Index for 1984 using 2005 as the base year.

suppose that in 1984 the total output in a single-good economy was 12000 buckets of chicken and the Show more suppose that in 1984 the total output in a single-good economy was 12000 buckets of chicken and the price of each bucket was $16. In 2005 the price per bucket of chicken was $20 and 26000 buckets were produced. Determine the GDP Price Index for 1984 using 2005 as the base year. Instructions: Enter your response as an index number rounded to one decimal place. GDP Price Index= By what percentage did the price level as measured by this index rise between 1984 and 2005?___% What were the real amounts of GDP in 1984 and 2005? Real GDP in 1984=____ Real GDP in 2005=_____ Show less

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