Total output in a single-good economy

Assignment Help Business Economics

Reference no: EM1321660

Q. Assume that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also assume that in 1984 each bucket of chicken was cost at $10. Finally, assume that in 2005 the cost per bucket of chicken was $16 also that 22,000 buckets were produced. Conclude the GDP cost index for 1984, Utilizing 2005 as the base yr. By illustrate what percent (%) did the cost level, as measured by this index, rise among 1984 also 2005? Illustrate what were the amounts of real GDP in 1984 also 2005?

Reference no: EM1321660

Questions Cloud

Implementing the client program : Write down a code in the client program to perform the following: Declare an object player1 of type Player.

Explaining zero value of sampling error : What is sampling error? Could value of sampling error be zero? If it were zero, what would this mean?

Liquidated damage amount stated in contract : Is the liquidated damage amount stated in the contract between Mica Co. and Pack Rat Storage valid, or is it an invalid penalty? How much in damages can Pack Rat Storage recover from Mica Co.?

Sufficient information to reject the hypothesis : No, there is not sufficient information to reject the hypothesis that the proportion of cats and the proportion of dogs that sleep more than 10 hours per day are the same because the test value -0.65 is inside the acceptance region (-1.96,1.96).

Total output in a single-good economy : Assume that in 1984 the total output in a single-good economy was 7000 buckets of chicken.

Determine the linear correlation coefficient : Determine the linear correlation coefficient using x = HP and y = MPG. Perform the hypothesis test of rho to determine whether horsepower and gasoline mileage are negatively correlated at the one percent level of significance? [For the critical value..

Developing the website-based sales system : Consider that you have been hired in order to develop the website-based sales system for the large international retail sales firm.

New textbook sales fall in the yrs subsequent : Elucidate why would new textbook sales fall in the yrs subsequent the release of the latest edition.

Elements of anglo-saxon lyrics : Discuss the elements of Anglo-Saxon lyrics in reference to the poem's theme of exile. How do caesuras, kennings, assonance, and alliteration contribute to create an elegiac feel (a sense of sadness, grief, or loss) and express the theme of exile?

User Account

All Pages