Hey, I need help with the following problem divided into seven smaller parts:Calculate nominal GDP for 2011 and 2012.Using 2011 as the base year, calculate real GDP for 2011 and 2012.Based on your answer from part (b), by what percentage did real GDP grow between 2011 and 2012?Now, calculate real GDP for 2011 and 2012 using 2012 as the base year.Based on your answer from part (d), by what percentage did real GDP grow between 2011 and 2012?Using 2011 as the base year, what was the GDP deflator in 2011 and 2012?Based on your answer from part (f), by what percentage did prices change between 2011 and 2012? Thank you in advance! The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in thefollowing table:GoodT-shirtsRed Bull (cans)Pizza (slices)Quantity1005001,0002011Price$25$1$2Quantity1105009002012Price$25$1.50$4

Nominal GDP is the GDP that is based on the prices on the prices of the current year or the year in…

Answered: Calculate nominal GDP for 2011 and…

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Hey, I need help with the following problem divided into seven smaller parts:

Calculate nominal GDP for 2011 and 2012.
Using 2011 as the base year, calculate real GDP for 2011 and 2012.
Based on your answer from part (b), by what percentage did real GDP grow between 2011 and 2012?
Now, calculate real GDP for 2011 and 2012 using 2012 as the base year.
Based on your answer from part (d), by what percentage did real GDP grow between 2011 and 2012?
Using 2011 as the base year, what was the GDP deflator in 2011 and 2012?
Based on your answer from part (f), by what percentage did prices change between 2011 and 2012?