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Can you help with the following calculations Q3: Below are some data from the land of milk and honey. Year P of Milk Q of

Can you help with the following calculations

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Q3: Below are some data from the land of milk and honey. Year P of Milk Q of Milk P of Honey Q of Honey 2016 $1 100 quarts $2 50 quarts 2017 $1 200 $2 100 2018 $2 200 $4 100 a. Compute nominal GDP (NGDP), real GDP (RGDP), and the GDP deflator for each year, using 2016 as the base year. Fill your answers in the following table. (9x 3=27 Points) Year NGDP RGDP GDP Deflator 2016 2017 2018 b. Compute the percentage change (growth rate) in NGDP, RGDP, and the GDP deflator in 2017 and 2018 from the preceding year. Fill your answers in the following table. (6 x 3 = 18 Points) Year NGDP Growth RGDP Growth Growth Rate in GDP Deflator Rate Rate (or Inflation Rate) 2016 NA NA NA 2017 2018 Xt - Xt -1 Growth rate = X 100% Xt -1

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