PART B (25 Marks): Answer this part according to solutions posted on Blackboard. Show your step- by-step calculation/derivation or a zero will be assigned. B1. Below are some data from the land of milk and honey. Year Price of Milk Quantity of Milk (litres) Price of Honey Quantity of Honey (litres) 2017 $1 100 $2 50 2018 1 200 2 100 2019 2 200 4 100 (a) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2017 as the base year. (b) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2018 and 2019 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense. (c) Did economic well-being rise more in 2018 or 2019? Explain