Below are some data from the land of burgers and hot dogs.

Year

Price of burgers ()

Quantity of burgers

Price of hot dogs ()

Quantity of hot dogs

2016

7

31

3

20

2017

9

31

4

20

2018

13

64

7

42

2019

13

65

7

43

1. Compute nominal GDP, real GDP and the GDP deflator for each year, using 2016 as the base year.
2. Compute the percentage change from the preceding year in nominal GDP, real GDP, and the GDP deflator in 2017, 2018, and 2019. For each year, identify the variable that does not change. Explain in words why your answer makes sense.
3. Did economic well-being rise more in 2017 or 2018? Why? Fully explain (Show all your calculations).