As an economist for the Australian Bureau of Statistics, you are responsible for measuring the GDP (Gross Domestic Product) statistics, The quantities produced and corresponding prices for 2020 and 2021 are shown in Table 1. Table 1. Production and price data 2020 2021 Product Quantity Price/unit Quantity Price/unit Sunglasses 100,000 $25 120,000 $30 DVDs 50,000 $15 45,090 $25 Coffee beans (kilogram) 150,000 175,000 Petrol (litre) 200,000 $10 210,090 $25 (a) Assume that 2020 is the base year. Use the information in Table I to calculate nominal GDP and real GDP for 2020 and 2021 (4 marks) (b) Using 2020 as the base year, calculate the growth rate of real GDP (%) from 2020 to 2021 and provide and explanation as to why nominal growth rate is greater than real growth rate. (1 mark)