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1. This part of the assignment will consist of measuring the change in production through the three ( 3 ) years of information provided. Suppose
1. This part of the assignment will consist of measuring the change in production through the three (3) years of information provided. Suppose that the economy of this country only has 2 products and you want to measure its GDP.Products Price 1 Quantity 1 Price 2 Quantity 2 Price 3 Quantity 3X 20 50 25 40 15 60Y 30 70 30 60 25 80a. Calculate for the 3 years the nominal GDP and the real GDP, consider that the prices of year 1 are going to be taken as the prices that will remain constant when calculating the real GDP. Present your results in a table.b. Calculate real GDP for the data by selecting prices from a year other than the first to perform the calculations.c. Determine the direction of change of the results and calculate the rate of change from one period to another in terms of real GDP.2. The objective of this part of the assignment is to know if the economy of PR has undergone a change in the standard of living per person.a. Tabulate the data of the real PB per person for the years 2010 to 2019b. Plot a line or bar graph that reflects the observed changec. Tabulate real GDP data per person for the years 2010 to 2019d. Plot a line or bar graph that reflects the observed change
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