Hello, I really need help answering these two questions. I posted both questions below. The second question was long, so I attached three screenshots for it.
Suppose nominal GDP2007 = $ 6,296 Billion, the GDP deflator2007 = 105, and the population2007 = 150 million. Type your answers in the boxes below. Round your answers at 2 decimal places. a) Calculate Real GDP 2007. Real GDP 2007 = $ Billion b) Calculate Real GDP per capita for 2007. Real GDP per capita2007 = $Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $18 77 $12 91 2005 $30 96 $13 109 2006 $35 105 $16 140 Using the above data, calculate real GDP for 2004, 2005, and 2006 using the chain-weighted method. 2004 is the base year. The steps are shown on the left. Type your answers on the right in the boxes provided. All answers should be rounded to 2 decimal places. Nominal GDP2004 = $ D Real GDP2004 = $:| Step 1: Nominal GDP2004 = $ D The value of 2005 production at 2004 prices = $ Step 1 growth rate = D% Step 2: The value of 2004 production at 2005 prices = $ Nominal GDP2005 = $D Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $18 77 $12 91 2005 $30 96 $13 109 2006 $35 105 $16 140 Using the above data, calculate real GDP for 2004, 2005, and 2006 using the chain-weighted method. 2004 is the base year. The steps are shown on the left. Type your answers on the right in the boxes provided. All answers should be rounded to 2 decimal places. Step 2 growth rate =% Step 3: Average growth rate = / Step 4: Real GDP 2005 = $ ******************************************** Step 1: Nominal GDP 2005 = $ The value of 2006 production at 2005 prices = $ Step 1 growth rate =% Step 2:Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $18 77 $12 91 2005 $30 96 $13 1 09 2006 $35 105 $16 140 Using the above data, calculate real GDP for 2004, 2005, and 2006 using the chain-weighted method. 2004 is the base year. The steps are shown on the left. Type your answers on the right in the boxes provided. All answers should be rounded to 2 decimal places. The value of 2006 production at 2005 prices = $|:| Step 1 growth rate = |:|% Step 2: The value of 2005 production at 2006 prices = $|:| Nominal GDP2006 = 39D Step 2 growth rate = |:|% Step 3: Average growth rate = D% Step 4