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Suppose that in 1994 the total output in a single-good economy was 7,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken
Suppose that in 1994 the total output in a single-good economy was 7,000 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 $20 and that 22,000 buckets were produced. Instructions: Enter your answers as whole numbers. What were the amounts of real GDP in 1994 and 2015, using 1994 as the base year? In1994,realGDP=$In2015,realGDP=$
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