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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.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9910524
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