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Quantities 2013 2014 Bananas 1,000 bunches 1,100 bunches Coconuts 500 bunches 525 bunches Prices. 2013 2014 Bananas. $2 a bunch $3 a bunch Coconuts. $10

Quantities 2013 2014

Bananas 1,000 bunches 1,100 bunches

Coconuts 500 bunches 525 bunches

Prices. 2013 2014

Bananas. $2 a bunch $3 a bunch

Coconuts. $10 a bunch. $8 a bunch

Refer to Table above. The table provides data on the economy of Tropical Republic that produces only bananas and coconuts.

a) Calculate the Nominal GDP in 2013.

b) Calculate the Real GDP in 2014.

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