User Account

All Pages

Determine the gdp price index

Assignment Help Business Economics
Reference no: EM13832259

Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken and the price of each bucket of chicken was $15. In 2005 the price per bucket of chicken was $20 and 23,000 buckets were produced.

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

Instructions: Enter your response as an index number rounded to one decimal place.

GDP price index =

By what percentage did the price level, as measured by this index, rise between 1984 and 2005? %

What were the amounts of real GDP in 1984 and 2005?

Real GDP in 1984 = $

Real GDP in 2005 = $

Reference no: EM13832259

Questions Cloud

Characteristics of each element of the marketing mix : Choose a tangible product with which you are familiar, and describe why this product is of interest to you.Describe, in your own words, the characteristics of each element of the marketing mix (price, product, place, and promotion) as they apply to y..
What does being ethical mean to you : What does being ethical mean to you? How could ethics be an issue in a management accounting environment? Explain what is meant by each of the following fundamental ethical principles for accountants.
What is the total amount of fica : What is the total amount of FICA that needs to be remitted by an employer in 2015 for an employee earning $50,000?
Strategic and tactical elements of a comprehensive project : Planning and executing the strategic and tactical elements of a comprehensive project. Integrating and demonstrating skills and techniques you have learned throughout the MBA program
Determine the gdp price index : Suppose that in 1984 the total output in a single-good economy was 7,000 buckets of chicken and the price of each bucket of chicken was $15. In 2005 the price per bucket of chicken was $20 and 23,000 buckets were produced. Determine the GDP price ind..
What is the growth rate of real gdp per capita : Suppose an economy’s real GDP is $46,000 in year 1 and $49,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?
Which present value factor is larger : Which present value factor is larger: the PV of 1 factor for 10% or the PV of 1 factor for 12%?
Include effects on price and quantity : Show graphically and explain what happens in the Cars market, include effects on Price and Quantity. What would happen to the equilibrium price and quantity of cars if the price of steel increased?
In a capitalistic economy : In a capitalistic economy:

Reviews

Write a Review

Business Economics Questions & Answers

  The demand for electricity

the demand for electricity and the concept that nuclear is cleaner than coal and who the special interest groups are that's involved

  Calculate equilibrium quantity

Calculate equilibrium quantity. Now suppose that the government imposes a tax on consumers of $1 per unit. Recalculate the prices for consumers and producers, and the quantity sold.

  Illustrate which specification is preferred

Using the current specifications, a new road will cost $1.5M initially, need $120K in annual maintenance, and need to be resurfaced every 10 years for $1.1M. If the highway department's interest rate is 6%, which specification is preferred?

  Show indifference curve that goes through that bundle

for each bundle that the consumer chooses, show the indifference curve that goes through that bundle. Make sure to label your graph carefully and accurately.

  Elucidate what is the size of the gdp gap

Assume that equilibrium real GDP is 800 billion, potential gdp is 900 billion, the mpc is .80, and the mpi is .40 . What is the size of the GDP gap.

  Elucidate why not and propose a mechanism

elucidate why not and propose a mechanism that might solve your dilemma.

  Evaluate a plan designed to cut costs

evaluate a plan designed to cut costs. Under plan, workers would be paid a fixed rate of $8/hour. Would you favour plan, Explain.

  Illustrate what happens to inflation is indeterminate

Illustrate what happens to inflation is indeterminate; it could be either higher or lower than in the standard model.

  Preventing a brave new world

In "Preventing a Brave New World" (pp. 331-343), Leon Kass concludes that reproductive and therapeutic cloning of human embryos is unethical. What are the exact steps in Kass's argument for this conclusion? What is your assessment of the strengths an..

  Medical care facilities and couple of general practitioner

You live in a small town with basic medical care facilities and a couple of general practitioner physicians. One of the physicians has said that your cousin needs to be seen by a specialist. However, the nearest specialist is 3000 miles away, on the ..

  Analyzing how the risk tolerance factors play in supplying

Using the same product example above, analyzing how the risk tolerance factors play in supplying the good or service and how this should influence management's decisions.

  Determine aggregate private savings

Determine aggregate private savings, Sp, and government savings, Sg. Is the government running a surplus, a deficit, or a balanced budget?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd