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Suppose that in 1984 the total output in a single good economy was 7000 buckets of...

Suppose that in 1984 the total output in a single good economy was 7000 buckets of chicken also suppose that 1984 each bucket of chicken was priced at $10 finally assume that in 2005 the price per bucket of chicken was $16 that 22000 buckets were produced what were the amount of real GDP in 1984 and 2005

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Answer #1

In the case of real GDP, we use base year price to compute (ie. $10).

Total Output in the year 1984 - 7000 unit

Total output in the year 2005 - 22000 unit

Net increase in output - 15000 unit

GDP = 15000 X $10 = $150000

GDP (in %) = 214 %

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