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In year 1 and year 2, there are three types of goods produced in this closed economy. The prices of each good in each year are indicated below: Year 1 Price Year 2 Price Wire $3 $2 Lightbulbs $3 $8 Lamps $10 $10 . . There are three firms, one for each good, and the quantities are as follows: The Wire Firm, in year 1, produces 20 units of wire. . O units are sold to private consumers, 0 units are stored in inventory, and 2 units are sold to the government. - Additionally, 8 units are sold to the Bulb Firm, and 10 are sold to the Lamp Firm. The Wire Firm, in year 2, produces 37 units of wire. 1 units are sold to private consumers, O units are stored in inventory, and 10 units are sold to the government. . Additionally, 6 units are sold to the Bulb Firm, and 20 are sold to the Lamp Firm. The Lightbulb Firm, in year 1, produces 40 bulbs. 10 bulbs are sold to private consumers, 10 bulbs are stored in inventory, and 10 bulbs are sold to the government - Additionally, 10 are sold to the Lamp Firm. The Lightbulb Firm, in year 2, produces 30 bulbs. o 15 bulbs are sold to private consumers, 5 bulbs are removed from inventory for sale, and 0 bulbs are sold to the government. . Additionally, 20 are sold to the Lamp Firm. The Lamp Firm, in year 1, produces 10 lamps. - 5 lamps are sold to private consumers, O lamps are stored in inventory, and 5 lamps are sold to the government. The Lamp Firm, in year 2, produces 20 lamps. 15 lamps are sold to private consumers, O lamps are stored in inventory, and 5 lamps are sold to the government. . O Part 1a: Calculate Nominal GDP in Each Year using the Expenditure Approach. Show your work, and indicate each component of GDP; (writing only the final number is not enough to recieve full credit.) Part 1b: Calculate the value-added for each firm in each year. Use these numbers to calculate Nominal GDP in Each Year using the Product Approach. Show your work. Part 1a: Calculate Nominal GDP in Each Year using the Expenditure Approach. Show your work, and indicate each component of GDP; (writing only the final number is not enough to recieve full credit.) Part 1b: Calculate the value-added for each firm in each year. Use these numbers to calculate Nominal GDP in Each Year using the Product Approach. Show your work. Part 1c. Calculate the Real GDP in each year, using Year 1 as the base year. What is the growth in Real GDP from Year 1 to Year 2 using this base year? Part 1d. Calculate the Real GDP in each year, using Year 2 as the base year. What is the growth in Real GDP from Year 1 to Year 2 using this base year? Part 1e. (2 points extra credit. Calculate Chain-weighted Real GDP with Year 1 as the base year.) In year 1 and year 2, there are three types of goods produced in this closed economy. The prices of each good in each year are indicated below: Year 1 Price Year 2 Price Wire $3 $2 Lightbulbs $3 $8 Lamps $10 $10 . . There are three firms, one for each good, and the quantities are as follows: The Wire Firm, in year 1, produces 20 units of wire. . O units are sold to private consumers, 0 units are stored in inventory, and 2 units are sold to the government. - Additionally, 8 units are sold to the Bulb Firm, and 10 are sold to the Lamp Firm. The Wire Firm, in year 2, produces 37 units of wire. 1 units are sold to private consumers, O units are stored in inventory, and 10 units are sold to the government. . Additionally, 6 units are sold to the Bulb Firm, and 20 are sold to the Lamp Firm. The Lightbulb Firm, in year 1, produces 40 bulbs. 10 bulbs are sold to private consumers, 10 bulbs are stored in inventory, and 10 bulbs are sold to the government - Additionally, 10 are sold to the Lamp Firm. The Lightbulb Firm, in year 2, produces 30 bulbs. o 15 bulbs are sold to private consumers, 5 bulbs are removed from inventory for sale, and 0 bulbs are sold to the government. . Additionally, 20 are sold to the Lamp Firm. The Lamp Firm, in year 1, produces 10 lamps. - 5 lamps are sold to private consumers, O lamps are stored in inventory, and 5 lamps are sold to the government. The Lamp Firm, in year 2, produces 20 lamps. 15 lamps are sold to private consumers, O lamps are stored in inventory, and 5 lamps are sold to the government. . O Part 1a: Calculate Nominal GDP in Each Year using the Expenditure Approach. Show your work, and indicate each component of GDP; (writing only the final number is not enough to recieve full credit.) Part 1b: Calculate the value-added for each firm in each year. Use these numbers to calculate Nominal GDP in Each Year using the Product Approach. Show your work. Part 1a: Calculate Nominal GDP in Each Year using the Expenditure Approach. Show your work, and indicate each component of GDP; (writing only the final number is not enough to recieve full credit.) Part 1b: Calculate the value-added for each firm in each year. Use these numbers to calculate Nominal GDP in Each Year using the Product Approach. Show your work. Part 1c. Calculate the Real GDP in each year, using Year 1 as the base year. What is the growth in Real GDP from Year 1 to Year 2 using this base year? Part 1d. Calculate the Real GDP in each year, using Year 2 as the base year. What is the growth in Real GDP from Year 1 to Year 2 using this base year? Part 1e. (2 points extra credit. Calculate Chain-weighted Real GDP with Year 1 as the base year.)