The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow. Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work. Price 2017 (Base year) Price 2018Price perI temPrice perProduction50,000100,000Unit ($) Production Unit ($)55,000Rice ( tons)Wheat (tons)Tractors mid-size (units)Cotton (tons)Used carsManufacture garments|( tons)Eggs (Trays)Соcа Cola (litres)Pepsi Cola (litres)Beef (tons)Second hand cloths (tons)Alcoholic Beverages (litres)Milk (litres)1.502.0050,000 23,000.00100.005.000.002.0098,0002.50120,0005,00045,000 2,450.00110,0006,000 7,000.00 |120.00150,0002,0006,00070050.00145,0002,3006,50070.002.503.500.801.106.5015.003.252.301.201.508.5025.003.752.508505,0005004,8004505007,0006007,500Examine the status of the economic welfare in Goodland Republic in 2018 based onyour GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it isnecessary to calculate real GDP. Show your work.

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Answered: Price 2017 (Base year) Price 2018 Price…

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The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow.

Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.

Price 2017 (Base year) Price 2018
Price per
I tem
Price per
Production
50,000
100,000
Unit ($) Production Unit ($)
55,000
Rice ( tons)
Wheat (tons)
Tractors mid-size (units)
Cotton (tons)
Used cars
Manufacture garments
|( tons)
Eggs (Trays)
Соcа Cola (litres)
Pepsi Cola (litres)
Beef (tons)
Second hand cloths (tons)
Alcoholic Beverages (litres)
Milk (litres)
1.50
2.00
50,000 23,000.00
100.00
5.000.00
2.00
98,000
2.50
120,000
5,000
45,000 2,450.00
110,000
6,000 7,000.00 |
120.00
150,000
2,000
6,000
700
50.00
145,000
2,300
6,500
70.00
2.50
3.50
0.80
1.10
6.50
15.00
3.25
2.30
1.20
1.50
8.50
25.00
3.75
2.50
850
5,000
500
4,800
450
500
7,000
600
7,500
Examine the status of the economic welfare in Goodland Republic in 2018 based on
your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is
necessary to calculate real GDP. Show your work.

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