Question 21 5 pts Table 8-22 2013 2018 Product Qua ntity(2013) Price (2013} Quantityl2018) Price (2018} Pizzas 120 150 $12 Haircuts 70 50 0 Backpacks 200 Q21 Refer to Table 8-22. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2013 and 2018 are shown in the table above. a. Use the information to compute real GDP in the year 2013 and 2018 (show your work). Assume that 2013 is the base year. Is output higher in 2018 or 2013? Why? Briey explain. (3pts) b. Use the information to compute nominal GDP in the year 2013 and 2018 (show your work}. Is the price level in the economy higher in 2018 or 2013? Why? Briey explain. (2pts)