I only need the equations to this, cannot figure it out!
Please help:
Suppose the following data records the total output and prices for an entire economy. Suppose that base year in the following table is 2001.
Year: 2001
Price of Apple :$5
Qty of Apple :40
Price of Haircur: $20
Qty of Haircut: 70
Year 2002
Price of Apple :$6
Qty of Apple :50
Price of Haircur: $22
Qty of Haircut: 60
Q1) What was the value of nominal GDP in 2001 and 2002?
Q2) What was the value of real GDP in 2001 and 2002?
3) What was the value of the GDP deflator in 2001 and 2002?
4) From 2001-2002, what was the economy’s real economic growth?




