Suppose that in 1984 the total output in a single-good economy was. Determine real GDP for 1984 and 2004, in 1984 prices. Also assume that in 1984 each bucket of chicken was priced at $10. Determine the GDP price index for 1984, using 2005 as the base year. Finally, assume that in 2005 the price per bucket of chicken was $20 and that 22,000 buckets were produced. Also suppose that in 1984 each bucket of chicken was priced at $10. Determine the GDP price index for 1984, using 2005 as the base year. Problem 7-6 (Algo ) Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Finally, assume that in 2005 the price per bucket of chicken was $20 and that 22,000 buckets were produced. Also assume that in 1984 each bucket of chicken was priced at $15. Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken. Also assume that in 1984 each bucket of chicken was priced at 15Finallyassume that in 2005 the price per bucket of chicken was 20 and that 23.000 buckets were produced Suppose that in 1984 the total output in a single-good economy was 7000 buckets of chicken. Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $16. Determine the GDP price index Problem 27-6 (Algo) Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced. Also assume that in 1984 each bucket of chicken was priced at $15. Also assume that in 1984 each bucket of chicken was priced at $16. Also assume that in 1984 each bucket of chicken was priced at $15. Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken. 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. Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken. 10,000 buckets of chicken. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2005 the price per bucket of chicken was $20 and that 22,000 buckets were produced. Finally, assume that in 2005 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Question #2 Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken. Determine the GDP price index for 1984, using 2000 as the base year. Answer to: Suppose that in 1984 the total output in a single good economy was 7,000 buckets of chicken. Finally, assume that in 2005 the price per bucket of chicken was $20 and that 22,000 buckets were produced. points 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. Also suppose that in 1984 each bucket of chicken was priced at $10. Finally, assume that in 2000 the price per bucket of chicken was $16 and that 22,000 buckets were purchased. Finally, assume that in 2004 the price per bucket of chicken was $16 and that 22,000 buckets were produced.