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1. GDP and Related Measures (28 points) Suppose an economy produces only 2 products in a given quarter: pineapples and brussel sprouts. In the fourth quarter of 2020 (the base period), 60,000 pineapples were produced, at a value of $2.75 per pineapple, while in the fourth quarter of 2022, pineapple production increased to 80,000 pineapples, at a value of $3.50 per pineapple.

In the fourth quarter of 2020 (the base period), 35,000 packages of brussel sprouts were produced at a value of $2.25 per package, while in the fourth quarter of 2022, brussel sprout production increased to 50,000 packages, each at a value of $2.50 per package.

The population in this economy is 500 individuals in the fourth quarter of 2022, while the number of hours worked in the fourth quarter of 2022 is 2500. Complete parts a, b, c, d, e, and f. a. Solve for nominal GDP in the fourth quarter of 2020.

b. Solve for real GDP in the fourth quarter of 2020.

c. Solve for nominal GDP in the fourth quarter of 2022.

d. Solve for real GDP in the fourth quarter of 2022.

e. Solve for the growth rate of real GDP between the fourth quarter of 2020 and the fourth quarter of 2022.

f. Why is real GDP a more representative measure of economic growth than nominal GDP?

Complete EITHER parts g and h OR parts i and j.

g. Solve for the real GDP per capita in the fourth quarter of 2022.

h. During which phase of the business cycle would an economy experience increasing values in the real GDP and real GDP per capita?

i. Solve for the GDP price index for the fourth quarter of 2022.

j. Solve for the amount of labor productivity in the fourth quarter of 2022.