The prices of school supplies in Florin and Oceania are given in the
table below. Note that prices in Florin are measured in $ and prices in Oceania are
measured in ₤.Florin Notebook $15 Pencils (one pack) $10 Erasers (one pack) $25 Oceania € 20 € 7.5 € 35 (a) (4 points) Suppose that we define a basket of goods as two notebooks and one pack of pencils. What is the purchasing power parity between Florin and Oceania (PPPFlorin, Oceania)? (b) (3 points) Suppose that the GDP of Oceania is £1,500. Using part (a), what is the PPP-adjusted value of Oceania's GDP (in $)? (c) (3 points) Suppose that the GDP of Florin is $2,500. Using part (a), what is the PPP-adjusted value of Florin's GDP (in £)?