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Below are some data from the land of milk and honey. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2014

Below are some data from the land of milk and honey.

Year

Price of Milk

Quantity of Milk

Price of Honey

Quantity of Honey

2014 $1 100 $2 50
2015 $2 200 $3 100
2016 $3 300 $4 150

  1. Compute Nominal GDP for each year.
  2. Compute Real GDP for each year.
  3. Compute the GDP Deflator for each year.

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