(3)Consider a stylized three-commodity economy that produces haircuts, hamburgers and DVDS. The quantities produced of each commodity and their market prices over three different years are presented below. Use the information and determine for each year (1999 = Base year) (i)Nominal GDP (ii)Real GDP (iii)CPI (iv)GDP deflator PRODUCT. Q1 P1 (1999) Q2 P2 (2013) Q3 P3 (2014) Haircuts $10.00 $11.00 2 $16.20 Hamburgers 10 DVDS 2.00 15 2.45 20 2.40 6. 15.00 8. 15.00 10 14.00

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