Hello, I really need help solving this problem. I attached screenshots of the problem below.
Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $14 39 $9 92 2005 $20 64 $14 157 2006 $34 77 $18 181 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 light in the boxes providedt All answers should be rounded to 2 decimal places. Nominal GDP 2004 = $ Real GDP2004 = $ Step 1: Nominal GDP 2004 = s The value of 2005 production at 2004 prices = $ Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $14 39 $9 92 2005 $20 64 $14 157 2006 $34 77 $1 8 1 81 Using the above data, calculate real GDP for 2004, 2005, and 2006 using the chainweighted 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 1 growth rate = % Step 2: The value of 2004 production at 2005 prices = $:l Nominal GDP $ 2005 = Step 2 growth rate = % Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $14 39 $9 92 2005 $20 64 $14 157 2006 $34 77 $18 181 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 3: Average growth rate =/% Step 4: Real GDP 2005 = $ * * * * * * * * * * * * ** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Step 1: Nominal GDP205 = $Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $14 39 $9 92 2005 $20 64 $14 1 57 2006 $34 77 $1 8 1 81 Using the above data, calculate real GDP tor 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 GDP2005 = $E| The value of 2006 production at 2005 prices = $:| Step 1 growth rate = D% Step 2: The value 0t 2005 production at 2006 prices = $E| Nominal GDPAM- = $l_| Year Price Quantity Price Quantity (beach (sunglasses) (sunglasses) (beach towels) towels) 2004 $14 39 $9 92 2005 $20 64 $14 157 2006 $34 77 $18 181 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 GDP2006 = $D Step 2 growth rate = |:|% Step 3: Average growth rate = |:|% Step 4
