1. (30 points) Below are some data from the land of milk, honey, and cheese. EXPLAIN YOUR ANSWERS WELL. SHOW ALL EQUATIONS YOU USED IN CALCULATIONS. Year Price of Quantity Price of Quantity Price of Quantity milk of milk Honey of Honey cheese of cheese 2012 $3 100 $3 50 $10 50 2013 $3 150 $4 50 $15 100 2014 $5 200 $5 120 $20 150 a. Calculate nominal GDP, real GDP, and the GDP deflator for each year, using 2012 as the base year. b. Compute the growth rate of nominal GDP, real GDP and GDP deflator in 2013 and 2014. c. Did economic well-being (measured by the growth rate of real GDP) rise more in 2013 or in 2014? Explain