1. Suppose the economy produced 2 goods: hamburgers and hot dogs. In the third quarter of

2021 (the base period), 48,000 pounds of hamburgers were produced at a value of $3.25 per

pound, while 25,000 pounds of hot dogs were produced at a value of $1.60 per pound.

Meanwhile, in the third quarter of 2022, 52,000 pounds of hamburgers were produced at a

value of $3.50 per pound, while 30,000 pounds of hot dogs were produced at a value of $1.75

per pound. (42 points)

1. Solve for the nominal and real GDP in both the third quarter of 2021 and the third quarter of 2022.
2. Solve for the growth rate of real GDP between the third quarter of 2021 and the third quarter of 2022 (round to two decimal places).What does this growth rate indicate or mean? In other words, what causes the real GDP to increase?
3. Solve for the GDP price index in the third quarter of 2021 and the third quarter of 2022 (round to two decimal places).