economic

Suppose an economy produces two products: milk and honey. Use the table below to answer the following questions: Year 2015 2016 2017 Price of Milk SI S2 S3 Quantity of Milk Produced 100 200 300 Price of Honey S2 S2 54 Quantity of Honey Produced 50 100 100 a. Calculate the nominal GDP for 2015, 2016 and 2017. Answer b. Calculate real GDP for 2016 & 2017 using 2015 as a base year. Answer: c. What was the GDP Deflator for 2016? What was the inflation rate for 2016? Answer d. Was there real economic growth in the economy between 2015 and 2017