Consider an economy composed of just three rms producing three goods. Suppose that quantities of output produced and prices in 2018 and 2019 are as the followings: __ mmmm Cars $2000 $3000 Comuters _ $1000 $500 - 2000 2000 a) What is the nominal GDP in 2018 and in 2019? Calculate the growth rates in nominal GDP? b) Calculate the real GDP in 2018 and in 2019, using the year 2018 as the base? Calculate the growth rate in real GDP? c) Calculate the real GDP in 2018 and in 2019, using the year 2019 as the base? Calculate the growth rate in real GDP? d) Explain why the real GDP growth rates you have calculated in (b) and (c) are different? 9) What would be the real GDP in 2019 if you use the average price of each good over the two years? Calculate. Hint: Construct an index of the level of real GDP by linking or chaining the constructed rates of change for each year. f) What is the growth rate in real GDP you have calculated in (e)? 9) Explain what GDP deflator is and calculate the deators for 2018 and 2019? Using the GDP deflator calculate the rate of inflation from 2018 to 2019