Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also
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Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2004 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine real GDP for 1984 and 2004, in 1984 prices.
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Related Book For 
Economics
ISBN: 978-0073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
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