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Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313 Exercise 8
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. Finally, assume that in 2004 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Determine real GDP for 1984 and 2004, in 1984 prices.
Explanation
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Given that in the year 1984 the total ou...
Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
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