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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?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9172037

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