1. In CHINATOWN, only three goods are produced, Wontons, Spring Rolls and Noodles. The table below...

 

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1. In CHINATOWN, only three goods are produced, Wontons, Spring Rolls and Noodles. The table below shows the prices and quantities of the three goods in years 2020 and 2021. Year 2020 Year 2021 Quantity Price Quantity Price Wonton 300 10 400 15 Spring Rolls Noodles 100 20 110 20 50 40 75 50 1. Given this information, calculate the nominal GDP, the real GDP using year 2020 as base year. 2. Then calculate the growth rates of nominal GDP and he real GDP measures. Interpret your results. 3. Calculate the GDP deflator. Then compute the inflation rate in Chinatown. 4. How will you change your computation if 2021 is chosen as the base year? 1. In CHINATOWN, only three goods are produced, Wontons, Spring Rolls and Noodles. The table below shows the prices and quantities of the three goods in years 2020 and 2021. Year 2020 Year 2021 Quantity Price Quantity Price Wonton 300 10 400 15 Spring Rolls Noodles 100 20 110 20 50 40 75 50 1. Given this information, calculate the nominal GDP, the real GDP using year 2020 as base year. 2. Then calculate the growth rates of nominal GDP and he real GDP measures. Interpret your results. 3. Calculate the GDP deflator. Then compute the inflation rate in Chinatown. 4. How will you change your computation if 2021 is chosen as the base year?