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 $16 and that 25,000 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? 50 0 b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? 100 percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ 200000 In 2015, real GDP =$ 440000

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 $16 and that 25,000 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? 50 0 b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? 100 percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ 200000 In 2015, real GDP =$ 440000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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