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Question is attached 7. Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities produced and their corresponding prices

Question is attached
7. Suppose that a very simple economy produces three goods: pizzas, haircuts and backpacks. Suppose the quantities produced and their corresponding prices for 2015 and 2019 are as shown in the table. Use the information in the table to compute nominal GDP in the year 2019. Calculate real GDP in 2019 assuming the base year is 2015. Compare and explain the two results. (2 marks) Product Quantity Price Quantity Price Pizzas 100 15 150 12 Haircuts 70 25 85 30 Backpacks 50 55 40 70

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