The table displays price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVS. 2016 2017 Price Quantity Price Quantity Escape SUVS $24,485 307,069 $24,645 308,296 F-series trucks $44,400 820,799 $47,800 896,764 Round all numerical answers to two decimal places. a. Calculate the amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017.

The table displays price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVS. 2016 2017 Price Quantity Price Quantity Escape SUVS $24,485 307,069 $24,645 308,296 F-series trucks $44,400 820,799 $47,800 896,764 Round all numerical answers to two decimal places. a. Calculate the amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity ford escapes $24,485 307,069 $24,645 308,296 ford trucks $44,400 820,799 $24,645 896,764 a. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. b. Determine the growth rate of nominal GDP (if Ford were the entire economy). c. Determine the growth rate of real GDP (if Ford were the entire economy).
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