(Solved): please write the solution for better understanding  PO Q.2 Homeland has an economy that produce ...

PO Q.2 Homeland has an economy that produces only three final goods: meat, coal, and wheel Information on population, nominal prices and total output for each good in the years 2001 and 2007 is given below. Meat Coal Wheel 2002 2008 per unit Price (S) Output (in millions) per unit Price (S) Output (in millions) 3.00 2 5.00 5 4.50 5 7.00 8 2.50 8 3.00 10 Note: The population of Homelands for years 2002 and 2008 are 15,000 and 20,000, respectively. a) Calculate nominal GDP for 2002. b) Calculate nominal GDP for 2008. c) Calculate real GDP for 2002 and 2008 if the BASE YEAR is 2002. d) Calculate the growth rate of real GDP (using 2002 S). e) Has the standard of living increased or decreased since 2002? 1) Calculate real GDP for 2002 and 2008 if the BASE YEAR is 2008. g) Calculate the growth rate of real GDP (using 2008 $). h) What is the GDP deflator for 2002 and for 2008? (Use 2002 as the base year.) i) What is the GDP deflator for 2002 and for 2008? (Use 2008 as the base year.) j) By what percent has the price level increased between 2002 and 2008? (Use GDP deflators with base year 2002).