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Below are some data from the land of milk and honey.
Year
Price of Milk ($)
Quantity of Milk (Quarts)
Price of Honey ($)
Quantity of Honey (Quarts)
2005
1
100
2
50
2006
200
2007
4
a. Compute nominal GDP, real GDP and the GDP price index for each year, using 2005 as the base year.
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