Some data from the land of milk and honey are give below

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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

1

200

2

100

2007

2

200

4

100

a. Compute nominal GDP, real GDP and the GDP price index for each year, using 2005 as the base year.

 

 

Reference no: EM13456569

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