2. Consider an economy that produces only two types of goods: apples and bananas. The production and price for the base year and the current year are as follows: Fruit Apple Banana Base Year Quantity 8 bags 20 bags Price $2 per bag $1 per bag Current Year Quantity 10 bags 22 bags Price $2.5 per bag $1.5 per bag a. Compute nominal GDP in the current year and in the base year. What is the percentage increase since the base year? b. Compute real GDP in the current year and in the base year. By what percentage does real GDP increase from the base year to the current year? c. Assume that the expenditure base to compute the CPI is base-year quantities. Calculate the CPI (Price Index) in both years and the inflation rate using the CPI.

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