3. Consider the following island economy: I There are two inhabitants Chuck, a former UPS employee, and Wilson, a volleyball 0 Wilson owns the local coconut water stand, earning $300 in sales through- out the year, and employs Chuck to collect coconuts, where Chuck receives $200 in wages during the year 0 Chuck owns the sports-ball inating business and during the year uses his air pump to inate Wilson, for which he charges Wilson $100 0 Chuck buys $300 of coconut water over the year (a) Calculate the GDP of the island economy using the production approach. (b) Calculate the GDP of the island economy using the expenditure approach. (0) Calculate the GDP of the island economy using the income approach. (d) Do the three approaches provide the same number (hint: they should) 4. Fill in the following table of real GDP Table 1: Real and Nominal GDP in a Simple Economy 201820 Percentage Change Year 2018 Year 2019 Year 2020 201920 Quantity of Basketballs 100 110 100 Quantity of Oranges 5000 5000 5500 Price of Basketballs $9 $10 $11 Price of Oranges $2 $2.5 $2 Nominal GDP Real GDP in 2018 prices Real GDP in 2019 prices Real GDP in 2020 prices Real GDP in chained prices benchmarked to 2020