b. ) Discuss thoroughly why your answer makes sense.

c. ) Elaborately explain, did economic well-being increase more in 2021 or 2022?

(REFER TO THE TABLE BELOW)

Application: Problem Solving 7.1 Below are some data from the far of wheat and corn. YEAR PRICE OF QTY OF PRICE OF QTY OF WHEAT WHEAT CORN CORN 2020 $1 100 $2 50 QUARTS QUARTS 2021 1 200 2 100 2022 2 200 4 100 a. Compute the nominal GDP, real GDP, and the GDP deflator for each year, using 2020 as the base year. b. Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. For each year, identify the variable that does not change. Discuss thoroughly why your answer makes sense. c. Elaborately explain, did economic well-being increase more in 2021 or 2022