Problem 07-06 (algo) Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also suppose that in 1994 ea of chicken was priced at $16. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 22,000 buckets w produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent C. What were the amounts bf real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $
Problem 07-06 (algo) Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also suppose that in 1994 ea of chicken was priced at $16. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 22,000 buckets w produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent C. What were the amounts bf real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $
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Problem 07-06 (algo)
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 $16. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 22,000 buckets were
produced.
Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number.
a. What is the GDP price index for 1994, using 2015 as the base year?
b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015?
percent
C. What were the amounts 5f real GDP in 1994 and 2015?
In 1994, real GDP = $
%3D
In 2015, real GDP = $
%3D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0711e575-ac7e-4698-9842-43017c9fd247%2Fe18b9d86-73d9-4f4d-83ca-c91d84306d6b%2Ffqn2yud_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Saved
Problem 07-06 (algo)
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 $16. Finally, assume that in 2015 the price per bucket of chicken was $20 and that 22,000 buckets were
produced.
Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number.
a. What is the GDP price index for 1994, using 2015 as the base year?
b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015?
percent
C. What were the amounts 5f real GDP in 1994 and 2015?
In 1994, real GDP = $
%3D
In 2015, real GDP = $
%3D
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