Suppose that in 1994 the total output in a single-good economy was 10,000 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 $16 and that 22,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year

a. The GDP price index for 1994, using 2015 as the base year is 62.5.

b. Percentage rise the price level between 1994 and 2015 is 60.0%.

c. We have:

Real GDP in 1994 = $160,000

Real GDP in 2015 = $352,000

Explanation:

Note: The requirements of this question is not complete. The complete requirements of the question are presented before answering the question as follows:

a. What is the GDP price index for 1994, using 2015 as the base year

b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015?

c. What were the amounts of real GDP in 1994 and 2015?

Explanation of the answers is now given as follows:

a. What is the GDP price index for 1994, using 2015 as the base year

GDP price index for 1994 = (Price of a bucket of chicken in 1994 / Price of a bucket of chicken in 2015) * 100 = ($10 / $16) * 100 = 62.5

b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015?

Percentage rise the price level between 1994 and 2015 = ((100 - GDP price index for 1994, using 2015 as the base year) / GDP price index for 1994, using 2015 as the base year) * 100 = ((100 - 62.5) / 62.5) * 100 = 60.0%

c. What were the amounts of real GDP in 1994 and 2015?

Since 2015 is being used as the base year, we have:

Real GDP in 1994 = Number of buckets of chicken produced in 1984 * Price per bucket of chicken in 2015 = 10,000 * $16 = $160,000

Real GDP in 2015 = Number of buckets of chicken produced in 2015 * Price per bucket of chicken in 2015 = 22,000 * $16 = $352,000

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