The table below is extracted from Happyland Republic, Bureau of Statistics records for 2019-2020. Use the information in this table to answer the questions that follow.Base year 2019ProductioItems2020ProductioPricePricennUsed cloth (units)4,00050.005,00060.00Components used tractor factory production(units)Cloth (units)1,200.08,000 500.0011,0008,00025.0012,00030.00Beef gifts during cultural festival (Kg)Milk (litres)Computers (Units)Printers (Units)Raw materials for car assembling plant (Units)1,5002.001,7003.005,0002,000 500.00500 300.004,500 250.001.307,0002.502,500600.00400355.004,450300.00i.Calculate Happyland Republic's nominal GDP, real GDP in 2020. Also,calculate the GDP deflator if 2019 is used as the base year.Show your work.

Below is the calculated values in table:

Answered: i. Calculate Happyland Republic's…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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i. Calculate Happyland Republic's nominal GDP, real GDP in 2020. Also, calculate the GDP deflator if 2019 is used as the base year. Show your work.