Consider the following data for a hypothetical economy that produces two goods, milk and honey. Quantity Produced Prices milk (litres) honey (kg) milk ($llitre) honey ($lkg) Year 1 105 50 4 5 Year 2 135 22 3 3 a. Compute nominal GDP for each year in this economy. Nominal GDP in year 1: $ 670 (Round your response to the nearest whole number.) Nominal GDP in year 2: $ 471 (Round your response to the nearest whole number.) The percentage change in nominal GDP from year 1 to year 2 is - 29.70 %. (Round your response to two decimal places. Use the minus sign to enter negative numbers.) b. Using year 1 as the base year, compute real GDP for each year using the traditional approach. Real GDP in year 1year1 prices: $ 670 (Round your response to the nearest whole number.) Real GDP in year Zyear1 Prices: $ 650 (Round your response to the nearest whole number.) The percentage change in real GDP from year 1 to year 2 is - 2.99 %. (Round your response to two decimal places. Use the minus sign to enter negative numbers.) c. Using year 1 as the base year, compute the GDP deator for each year. (Round your responses to two decimal places. Use the minus sign to enter negative numbers.) The GDP deator in year 1 The GDP deator in year 2 year 1 prices: year 1 prices: The percentage change in the GDP deator from year 1 to year 2 is |:|/o