3 GDP calculations Consider the following tables of production. Products 1950 Prices 1950 Quantities 1980 Prices Market Activities 20 10 40 1980 Quantities 20 2024 Prices 80 2024 Quantities 40 Home Activities 10 10 8 12 6 14 Table 2: Product prices and quantities These tables correspond to the Years 1950-1980-2024. (a) Compute, using the GDP of market actitivities, the Real GDP in all years using the prices of 1980. Obtain the growth rate from 1950 to 1980 and from 1980 to 2024 (b) Assume we could have used data from Home Activities. Compute the counterfactual GDP that could have included Home Activities. That is, compute the GDP that could have been calculated if we could have obtained that data and treated home activities as a market transaction. (c) How would the growth figure change? Would growth calculations been higher?