3. Refer to the table below for an imaginary economy ofFlowerland.Year Real GDPPopulation201560 million45 million201670 million50 millionBased on the information given in the table calculate;• Real GDP Per Person (or capita)• Percentage increase in the real GDP per person over thetime period given and analyze.4. In an imaginary economy of Cotton Land, 190,000 tons ofcotton were produced in a day. The number of people who wereinvolved in this production was 4500 and each of them workedfor 8 hours. Further, there are 50 companies that employedthese people in their processing plants. Calculate theproductivity of this economy. 1. In an economy a typicalAnswer the following questions:consumer purchases 4 notebooks and 5 pens. The price ofthese products is given in the table below for three years.ETTYearPrice of NotebookPrice of Pen2017$4$32018$5$32019$6$5From the information given in the table above (assuming 2017as the base year) calculate:• CPI fro 2017• CPI for 2018• CPI for 2019• Inflation rate for 2018• Inflation rate for 20192. How much of the following items would be worth in today'sdollars if today's CPI is 260?• Popcorn that was sold for $7 in 2009 and the CPI in 2009was 214• A cup that was sold for $15 in 2015 and the CPI in 2015was 237

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3. Refer to the table below for an imaginary economy of Flowerland. Year Real GDP Population 2015 60 million 45 million 2016 70 million 50 million Based on the information given in the table calculate; • Real GDP Per Person (or capita) • Percentage increase in the real GDP per person over the time period given and analyze. 4. In an imaginary economy of Cotton Land, 190,000 tons of cotton were produced in a day. The number of people who were involved in this production was 4500 and each of them worked for 8 hours. Further, there are 50 companies that employed these people in their processing plants. Calculate the productivity of this economy.