Question 1 50 pts 1. By how much does GDP rise in each of the following scenarios? Explain. 1.a. A general contractor renovates and sells a house for $300,000. The contractor bought the house from the previous owner for $100,000 1.b. A car maker builds latest cars worth $100 million. To build those cars, the maker used robots they purchased from a Japanese company for $30 million 1.c. Due to aging population, the government raises the social security expenditure by $500 million. 1.d. A couple hires a chef for 4 hours for at home anniversary dinner for $500. 2. Fill in the blank (a-f) in the Table below to calculate real GDP. For each blank, show clearly the calculations/steps you used to arrive at the number 2020 2021 Percentage change 2020-2021 Quantity of orange 10 20 100 2 2 0 1 2 100 100 -50 Quantity of phone Price of orange Price of phone Real GDP in 2020 prices Real GDP in 2021 prices Real GDP in chained prices, benchmarked to 2021 410 2la) 2(b) 2c) 240 2/d) 211) 240 2(e) Upload Choose a File