1. Assume that the following table records the total output and prices for an entire economy and the base year is 20X0. Price of Quantity of Price of Year Quantity of Popcorn Popcorn Smartphones Smartphones 20X0 $1.25 375 units $400.00 100 units 20X1 $1.50 425 units $410.00 120 units (a) What is the value of nominal GDP in 20X0? 20X1? (3 marks) (b) What is the value of real GDP in 20X0? 20X1? (3 marks) (c) What is the value of the GDP deflator in 20X0? 20X1? (3 marks) (d) From 20X0 to 20X1, what was the inflation rate, i.e., change in prices? (3 marks) (e) Was the increase in nominal GDP from 20X0 to 20X1 mostly due to an increase in real output or due to an increase in prices? Explain and support with a calculation