Foodland is an economy that produces only three goods--hamburgers, fries and milkshakes. In the current year (2017), 14 000 burgers, 24 000 containers of fries and 30 000 milkshakes were produced. In the base year (2012), 16 000 burgers, 18 000 containers of fries and 28 000 milkshakes were produced.

In the base year, burgers cost $3 each, fries cost $2.50 per container and milkshakes cost $2 each. In the current year, burgers cost $4 each, fries cost $3 per container and milkshakes cost $2 each.

Calculate:

(a) The value of Foodland's Nominal GDP in 2012 (2 marks)

(b) The value of Foodland's Nominal GDP in 2017 and its Real GDP in 2017 (4 marks)

(c) The inflation rate between 2012 and 2017 (3 marks)

(d) The economic growth rate between 2012 and 2017 (3 marks)

(e) What does it mean if the economic growth rate is negative? Explain. (2 marks)