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1. The economy of Britannica produces three goods: computers, pens, and pizza. The accompanying table shows the prices and Output of the three goods for
1. The economy of Britannica produces three goods: computers, pens, and pizza. The accompanying table shows the prices and Output of the three goods for the years 2014, 2015, and 2015. In the questions below, be sure to show yOur work for full points. If you are calculating something, show your work. Typicallyjust writing in the answer will not earn you full points. Computers Pens Year Price Quantity Price Quantity Quantity 2014 $1050 15 $0.59 150 S 2015 883 1? $0.89 129 S 2015 1200 19 $1.10 140 11 Warner's? Calculate nominal GDP in Britannica for each of the three years. Calculate the percent change in nominal GDP from 2014 to 2015. Calculate the percent change in nominal GDP from 2015 to 2016. Calculate real GDP in Britannica for each of the three years using 2015 as your base year for prices. Calculate the percent change in real GDP from 2014 to 2015. Calculate the percent change in real GDP from 2015 to 2016. Compare your percent changes between real GDP and nominal and explain why real GDP is the better of the two for representing economic growth using the numbers you calculated
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