Credit: Sungmin Park Consider the following list of all final goods produced in an economy during years 2018-2020. 2018 2019 2020 Good Quantity Price Quantity Price Quantity Price Apples 100 $1.00 120 $2.00 150 $2.50 Bananas 100 $0.50 150 $0.75 200 $1.00 Cupcakes 50 $2.00 100 $2.50 150 $3.00 (a) Compute this economy's nominal gross domestic product (GDP) and the real GDP in each year, using 2018 as the base year. Q1: Nominal GDP in 2018 is Q2: Real GDP in 2018 is Q3: Nominal GDP in 2019 is Q4: Real GDP in 2019 is Q5: Nominal GDP in 2020 is Q6: Real GDP in 2020 is (b) Continuing to using 2018 as the base year, what is the GDP deflator in 2019 and 2020? What is the Consumer Price Index (CPI) in 2019 and 2020? After calculating the CPI, the inflation formula is: Inflation = % change in CPIt = CPIt - CPIt-1 X 100 CPIt-1 What are the inflation rates in 2019 and 2020 based on the CPI? Q7: GDP deflator in 2019 is Q8: GDP deflator in 2020 is Q9: CPI in 2019 isQ10: CPI in 2020 is Q11: Inflation rate in 2019 is % Q12: Inflation rate in 2020 is % (c) Now consider that in year 2021, the COVID shock is impacting the US economy and causing the price level to fluctuate: 2021 Good Quantity Price Apples 150 $3.00 Bananas 200 $5.60 Cupcakes 150 $7.00 What is the CPI and inflation rate in 2021 using 2018 as base year? Q13: CPI in 2021 is Q14: Inflation rate in 2021 is '31. (d) Comparing Inflation in 2021 and 2020. Is 2021 experiencing an inflation or deflation? Q15: 2021 experiences