Determine the gdp price index for 1984

Reference no: EM13237989

suppose that in 1984 the total output in a single good economy was 7,000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10.00. Finally, assume in 2005 the price per chicken was $16.00 and 22,000 buckets were produced. Determine the GDP price index for 1984, using 2005 as the base year.

Reference no: EM13237989

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