Question 3 [12 points]
Suppose that in 1982, the total output in a single-good economy was 25,910 chickens. Also, suppose that in 1982, each chicken was priced at $15. Finally, assume that in 1983, the price per chicken was $11 and that 8,832 were purchased. For each of the following parts, assume that 1982 is the base year. Note: Please round your answers to two decimal places.
a) Determine the GDP Deflator for 1983.
GDP Deflator = 0
b) Determine the percentage growth of real GDP, rose (or fell) between 1982 and 1983.
Note: Enter only the magnitude of the growth rate (positive value).
Percentage Growth of Real GDP = 0%
c) Calculate the real GDP for 1982.
Real GDP = $0
d) Calculate the real GDP for 1983.
Real GDP = $0
Question 3 [12 points]
Suppose that in 1982, the total output in a single-good economy was 25,910 chickens. Also, suppose that in 1982, each chicken was priced at $15. Finally, assume that in 1983, the price per chicken was $11 and that 8,832 were purchased.
For each of the following parts, assume that 1982 is the base year. Note: Please round your answers to two decimal places.
a) Determine the GDP Deflator for 1983.
GDP Deflator = 0
b) Determine the percentage growth of real GDP, rose (or fell) between 1982 and 1983.
Note: Enter only the magnitude of the growth rate (positive value).
Percentage Growth of Real GDP = 0%
c) Calculate the real GDP for 1982.
Real GDP = $0
d) Calculate the real GDP for 1983.
Real GDP = $0