Determine real gdp for 1984 and 2004 in 1984 prices.

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Suppose that 1984 the total output in a single good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2004 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine real GDP for 1984 and 2004 in 1984 prices.

Reference no: EM13204104

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