Let us say we have a record of consumption and prices in a (very) small closed (no trade) economy: 2009 2010 2011 Goods/Services Quantity Price Quantity Price Quantity Price Play-Doh 80 boxes $8.99/box 82 boxes $8.49/box 91 boxes $6.99/box Towels 75 $8.25 each 85 $8.50 each 80 $8.90 each Haircuts 48 $18.50 each 43 $21.50 each 42 $27.50 each Hats 21 $14.99 each 25 $14.99 each 31 $15.99 each Notice that everything produced is consumption goods and services. Take 2010 as a base year. 1. Calculate the nominal GDP in 2009. 2. Calculate the nominal GDP in 2010. 3. Calculate the nominal GDP in 2011. 4. Calculate the real GDP in 2009. 5. Calculate the real GDP in 2010. 6. Calculate the real GDP in 2011. 7. Calculate the GDP Deflator for 2009. 8. Calculate the GDP Deflator for 2010. 9. Calculate the GDP Deflator for 2011. 10. Calculate the GDP Deflator-based inflation rate from 2009 to 2010. 11. Calculate the GDP Deflator-based inflation rate from 2010 to 2011