I have completed this assignment, but I just want to make sure I my answers are correct.

WKS Problem Solving Assignment: Macroeconomic Activity Suppose an economy produces only two goods, cups of coffee and gallons of milk as shown in Table below: TABLE Nominal versus real GDP YEAR COFFEE (CUPS) MILK (GALLONS) GDP (NOMINAL, REAL] 2010 (The Price $1.00 Quantity 10 Price $2.00 Quantity 20 base year) Expenditure Price $1.50 | Quantity 10 Price $4.00 Quantity 20 2011 (Case 1) Expenditure Price $1.00 Quantity 15 Price $2.00 Quantity 40 2011 (Case 2) Expenditure Price $1.50 | Quantity 15 Price $4.00 Quantity 40 2011 (Case 3) Expenditure a. Calculate the expenditure on each good and the nominal and real GDP for 2010, the base year. b. Repeat this exercise for each of the three alternative cases 1, 2, and 3. c. Explain the differences between the nominal GDP and real GDP in each of these cases.ECON 8305 - Problem Solving Assignment WK5 Problem Solving Assignment: Macroeconomic Activity Suppose an economy produces only two goods, cups of coffee and gallons of milk as shown in Table below: TABLE Nominal versus real GDP YEAR COFFEE (CUPS) MILK (GALLONS) GDP (NOMINAL, REAL) 2010 (The Price $1.00 Quantity 10 Price $2.00 Quantity 20 $50, $50 base year) Expenditure Price $1.50 |Quantity 10 Price $4.00 Quantity 20 $95, $50 2011 (Case 1) Expenditure Price $1.00 Quantity 15 Price $2.00 Quantity 40 $95, $95 2011 (Case 2) Expenditure Price $1.50 Quantity 15 Price $4.00 Quantity 40 $182.50, $95 2011 (Case 3) Expenditure a. Calculate the expenditure on each good and the nominal and real GDP for 2010, the base year. 2010 base year: Nominal and Real GDP= $1(10) + $2(20)= $50 b. Repeat this exercise for each of the three alternative cases 1, 2, and 3. 2011 Case 1: Nominal GDP= $1.50(10) + $4(20)= $95 Real GDP= $1.50(10) + $4(20)= $50 2011 Case 2: Nominal GDP= $1(15) + $2(40)= $95 Real GDP= $1(15) + $2(40)= $95 2011 Case 3: Nominal GDP= $1.5(15) + $4(40)= $182.50 Real GSP= $1(15) + $2(40) = $95 c. Explain the differences between the nominal GDP and real GDP in each of these cases. The nominal GDP exceeded the real GDP in case 1 and case 3. However, nominal and real GDP were the same in case 2 because the price amounts were the same as they were in the base year