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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

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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 2025 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Instructions: In part a, enter your answer as an index number rounded to 1 decimal place. In parts b-c, enter your answers as a whole number. a. What is the GDP price index for 2014, using 2025 as the base year? b. By what percentage did the price level, as measured by this index, rise between 2014 and 2025? percent c. What were the amounts of real GDP in 2014 and 2025? In 2014, real GDP = $ In 2025, real GDP = $ K

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