Econ question

3. An economy produces only three goods, Computers, Food and Cars. The table below shows the price of each good, the quantity produced and the total quantity consumed for each good for two years (year 1 and year 2): -- Price in year 1 100 10 1,000 Quantity produced in year 1 50 100 20 Total Consumption in year 1 40 100 10 Price in year 2 90 10 1,200 Quantity produced in year 2 60 100 20 Total Consumption in year 2 45 100 12 The typical consumer buys 2 units of food, 1 computer and 1 car each year. (a) ( 10 points) Calculate real GDP for both years measured in year-2-chained dollars, that is year 2 is the reference year. The calculation requires several steps and you should clearly show your work along the way. Partial credit will only be given if the steps are clear and orderly. Round fractions in intermediate steps to 4 decimals and percentages to two decimals. (b) (5 points) Calculate inflation based on the GDP deflator in this economy from year 1 to year 2. This once again involves a few steps and you should show your work. (c) (5 points) Calculate inflation based on the CPI in this economy from year 1 to year 2. This once again involves a few steps and you should show your work