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Determine the gdp price index

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Reference no: EM13331227

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. In 2005 the price per bucket of chicken was $20 and 22,000 buckets were produced.

Determine the GDP price index for 1984, using 2005 as the base year.

Reference no: EM13331227

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