Hello! I am confused on what the terms "nominal" and "real" means when it comes to GDP. I am also unsure how to find a percentage when it comes to a change in GDP. I'd love to see a step-by-step breakdown, if possible. Thank you!

Consider a very limited economy with only six goods being produced.We record the amount produced and sold in each of two consecutive years, which is shown in the table.

To calculate answers to (a) and (b), you will have to calculate the nominal and real GDP values for each year.We will use the prices in year 1 as the base for the calculation of real values.

a.By what percentage did nominal GDP change by from year 1 to year 2?

b.By what percentage did real GDP change by from year 1 to year 2?

O Year 1 Year 2 P Q P Q Chicken (Ibs) $1.50 95 $1.33 110 Time mag. $1.00 15 $1.25 13 O Elec. (KWH) $0.07 1500 50.06 1550 Cereal (boxes) $3.29 52 $3.25 55 Gloves (pr.) $20.85 4 $25.00 3 Candy bar $1.00 125 $1.05 115 O