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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 $20 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? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $

Respuesta :

Answer:

GDP price index is 20

Explanation:

a. To determine the GDP price index we:

1. Determine the market price for the year of interest (1994) by multiplying the total output for that year (10,000) by $10 (the unit price per bucket of chicken for that year)= 10000*10= 100,000

2. Determine the market price for the base year–2015 (using similar steps above).

25000*$20= 500,000.

3. Take the price of the market value of the year of interest and divide by the price of the market value of the base year, then multiply by 100.

100000/500000 *100= 20.

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