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Price/Quantity Data Goods 2017 2018 2019 Quantity Price Quantity Price Quantity Price Paperclips 14 $2.50 16 $3.00 19 $3.50 Pencils 20 $1.25 24 $1.25 29 $2.00 Thumbtacks 8 $1.00 9 $0.75 12 $0.50 The table above represents the goods and prices of Econoland. Let 2018 be the base year. a) Calculate the nominal and real GDP for 2017 to 2019. b) Calculate the GDP deflator for 2017 to 2019. c) Suppose the CPI basket consists of 8 paperclips and 12 pencils. Calculate the CPI for 2017 to 2019. d) How does the rate of inflation compare between 2017-2018 using the GDP Deflator versus CPI? Why might this b the case? A Y B