Question: 4. Use the table below to answer the following question. Table A Suppose a simple economy produces three goods only. The price and output data

 4. Use the table below to answer the following question. Table

4. Use the table below to answer the following question. Table A Suppose a simple economy produces three goods only. The price and output data for some selected years are shown below. All prices shown are the prices in the specic year shown. Treat 2002 as the reference year. Price Price Quantity Quantity (dollars) (dollars) (number) (number) 0.75 1.10 100 120 1.25 2.10 300 280 2.00 3.00 200 190 c) What is Lafonia's re_al GDP for 2010 relative to the reference year of 2002'? a) What is Lafonja's GDP for 2002'? b) What is Lafonja's nominal GDP for 2010? (1) By what percent did Lafonja's real GDP increase/decrease from 2002 and 2010

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