Determine the gdp price index using the base year

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Reference no: EM13236918

Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 22,000 buckets were produced.

Determine the GDP price index for 1984, using 2005 as the base year.

By what percentage did the price level, as measured by this index, rise between 1984 and 2005? %

What were the amounts of real GDP in 1984 and 2005?

Reference no: EM13236918

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