8.Suppose that in 2014 the total output in a single good economy was 7,000 buckets of chicken. Also suppose that in 2014 each bucket of chicken was priced at $10. Finally, assume that in 2017 the price per bucket of chicken was $16 and that 22,000 buckets were purchased. Calculated the real price index for 2017 by using the 2014as the base year.

9.The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP. Indicate in each calculation whether are inflation or deflation the nominal GDP data.

Year Nominal GDP, Billion Price Index ( 2009- 100)

2009 $527.4 22.19

2011 94.5 26.29

2013 2295.9 48.22

2015 4742.5 80.22

2017 8790.2 103.22