Assessment Question Week 8: Marco-economics: Measuring the size of the economy Question 2 The table below is extracted from Goodland Republic Bureau of Statist 2016 -2017. Use the information to answer the questions that follow. Goodland Economy 2013 and 2018 I tem Price 2017 (Base year) | Price 2018 Price per Price per Production Unit ($) Production Unit ($) Rice ( tons) 50,000 1.50 55,000 2.00 Wheat (tons) 100,000 2.00 98.000 2.50 Tractors mid-size (units) 50,000 23,000.00 45,000 2,450.00 Cotton (tons) 120,000 100.00 110,000 120.00 Used cars 5,000 5.000.00 6,000 7,000.00 Manufacture garments ( tons) 150,000 50.00 145,000 70.00 Eggs (Trays) 2,000 2.50 2,300 3.50 Coca Cola (litres) 6,000 0.80 6.500 1.20 Pepsi Cola (litres) 700 1.10 850 1.50 Beef (tons) 5,000 6.50 4,800 8.50 Second hand cloths (tons) 500 15.00 450 25.00 Alcoholic Beverages (litres 500 3.25 600 3.75 Milk (litres) 7,000 2.30 7,500 2.50 Examine the status of the economic welfare in Goodland Republic in your GDP deflator, nominal GDP and Real GDP. Also, explain the rea necessary to calculate real GDP. Show your work