1. Suppose the hypothetical country of Cascadia produces only two goods: furniture and paper. The price of furniture and paper in the years 2020, 2021, and 2022 are reported as follows:

P2020FURNITURE= $100 per piece of furniture P2020PAPER= $180 per ton of paper

P2021FURNITURE = $120 per piece of furniture P2021PAPER= $190 per ton of paper

P2022FURNITURE= $150 per piece of furniture P2022PAPER= $200 per ton of paper

Further suppose that Cascadia produces the following quantities of furniture and paper in the years 2020, 2021, and 2022:

Q2020FURNITURE = 1 million pieces of furniture Q2020PAPER= 5 million tons of paper

Q2021FURNITURE= 1.1 million pieces of furniture Q2021PAPER= 5.5 million tons of paper

Q2022FURNITURE = 1.3 million pieces of furniture Q2022PAPER= 6 million tons of paper

Given the numbers above, calculate the nominal GDP, real GDP, and the GDP deflator of Cascadia in the years 2020, 2021, and 2022. You can use 2020 as the base year for your calculations.