Problem 2. (10 points) Gross Domestic Product Consider an economy with only 3 goods being produced and consumed: goods X, Y, and Z. The evolution of this economy's prices and quantities is reported in the table below. Y r P P P 2015 2 10 1 50 4 70 0 2016 5 10 6 43 9 50 2 2017 0 11 9 50 1 55 0 2 2018 9 13 9 60 1 80 0 3 Using this table answer the following questions. 1. Nominal GDP. (a) Compute nominal GDP for years 2015 to 2018. Show your reasoning. (b) Compute the percentage change of Nominal GDP for each individual year between 2016 to 2018. Show your reasoning. (c) Is the economy growing according to your calculations? 2. Real GDP. (a) Compute real GDP for years 2015 to 2018. Take 2015 as the base year. Show your reasoning (b) Compute the percentage change of real GDP for each individual year between 2016 to 2018. Show your reasoning. (c) Is the economy growing according to your calculations? ((1) What explains the difference between your answer in 1(0) and 2(0)? 3. GDP Deator. (a) Compute the GDP deator for years 2015 to 2018. Show your reasoning (b) Compute ination in this economy for years 2016 to 2018 using the GDP Deator. Show your reasoning