Q4. Gorgonzola is a small island nation with a simple economy that produces only sıx goods: sugar cane, yo-yos, rum, peanuts, harmonicas, and peanut butter. Assume that one- quarter of all the sugar cane is used to produce rum and one- half of all the peanuts are used to produce peanut butter. 2013 2014 2015 Product Quantity Price Quantity Price Quantity Price Sugar cane Yo-yos 240 s0.80 240 S1.00 300 $1.15 600 2.50 700 3.00 750 4.00 Rum 150 10.00 160 12.00 180 15.00 Peanuts s00 2.00 450 2.50 450 2.50 Harmonicas 75 25.00 4.50 75 30.00 85 30.00 Peanut butter 100 85 4.50 85 5.00 a. Use the production and price information in the table to calculate nominal GDP for 2015. b. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2013 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015? c. Use the production and price information in the table to calculate real GDP for 2013, 2014, and 2015 using 2014 as the base year. What is the growth rate of real GDP from 2013 to 2014 and from 2014 to 2015?

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