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The table contains price and quantity information for two vehicle models produced by Ford Motor Company,...

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Economics

The table contains price and quantity information for twovehicle models produced by Ford Motor Company, the F-series trucksand Escape SUVs.

20162017
pricequantitypricequantity
Escape SUVs$24485$307069$24645$308296
F-series trucks$44400$820799$47800$896764

a. Calculate the amount contributed by Ford to the U.S. GDP(real and nominal) from the sales of the two models in 2016 and2017.

b. Determine the growth rate of nominal GDP (if Ford were theentire economy).

c. Determine the growth rate of real GDP( if Ford were theentire economy).

d. Use the shortcut you learned to convert between real andnominal growth rates to determine the growth rate of prices.

e. Is the increase in nominal GDP due to a change quantity, achange in prices, or both?

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