ECON 2205 Problem Set #3 1. The economy of Britannica produces three goods: computers, pens, and pizza. The accompanying table shows the prices and output of the three goods for the years 2014, 2015, and 2016. In the questions below, be sure to show your work for full points. If you are calculating something, show your work. Typicallyjust writing in the answer will not earn you full points. 10 pts. Computers Pens Pizzas Year Price Quantity Price Quantity Price Quantity 2014 $1050 15 $0.59 150 $17 8 2015 883 17 $0.89 129 19 8 2016 1200 19 $1.10 140 21 11 cranes???) Calculate nominal GDP in Britannica for each of the three years. Calculate the percent change in nominal GDP from 2014 to 2015. Calculate the percent change in nominal GDP from 2015 to 2016. Calculate real GDP in Britannica for each of the three years using 2015 as your base year for prices. Calculate the percent change in real GDP from 2014 to 2015. Calculate the percent change in real GDP from 2015 to 2016. Compare your percent changes between real GDP and nominal and explain why real GDP is the better of the two for representing economic growth using the numbers you calculated