Consider the following table: Year Primary products Manufacturing products Services Price Quantity Price Quantity Price Quantity 1973 60 80 110 75 80 100 1974 90 60 115 80 85 105 Consumers of the economy purchase all primary products, manufacturing products and services shown in the table. Manufacturing products and services are all produced by the domestic economy. However, for each year, 3/4 of the primary products in the table is imported, and 1/4 is produced domestically. Set 1973 as the base year. a. Find the % change in prices for primary products, manufacturing products and services, respectively, from 1973 to 1974. b. Find the CPI for both years. Calculate the corresponding inflation rate from 1973 to 1974. c. Find the nominal and real GDP for both years. Hence, find the GDP deflator for both years. Calculate the corresponding inflation rate from 1973 to 1974. d. The above table is set up in such a way to mimic the actual data of the inflation rates calculated from the CPI and the GDP deflator, respectively, for the US during the first oil crisis in 1973-1974. Use your results and the conceptual difference between the CPI and the GDP deflator to explain how and why the two numbers differ by such a wide margin during that period. (You need to show your explanations and works in order to earn points in this question.)