7. Below are some data from the land of milk and honey. Quantity of Quantity of Price of Milk Price of Honey Year Milk (litres) Honey (litres) 2013 $1 100 $2 50 2014 1 200 2 100 2015 2 200 4 100 a) Compute nominal GDP, real GDP, and the GDP deator for each year, using 2013 as the base year. (9 Marks) b) Compute the percentage change in nominal GDP, real GDP, and the GDP deator in 2014 and 2015 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense. (6 Marks) b) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2014 and 2015 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense. (6 Marks) c) Did economic well-being rise more in 2014 or 2015? Explain. (2 Marks)