*9 Bananaland (in problem 7) uses the chain volume measure to calculate real GDP. The base year is 2001 and nominal GDP in that year was £6,500. GDP in 2002 valued at 2001 prices was £6,750. Calculate: a Real GDP in 2001, 2002 and 2003. b The GDP deflator in 2001, 2002 and 2003. c The growth rate of real GDP and the inflation rate in 2002 and 2003. 10 Sea Island (in problem 8) uses the chain volume measure to calculate real GDP. The base year is 2001 and nominal GDP in that year was £28,000. GDP in 2002 valued at 2001 prices was £30,000. Calculate: a Real GDP in 2001, 2002 and 2003. b The GDP deflator in 2001, 2002 and 2003. c The growth rate of real GDP and the inflation rate in 2002 and 2003.