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This is my second attempt sharing this problem. I need help with all questions but I also need an explanation on the steps to get the result of this question (Use the shortcut you learned to convert between real and nominal growth rates to determine the growth rate of prices.)
Table 1 contains
the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were produced
in the United States.
Table 1: Apple Products
2016 2017
Price Quantity Price Quantity
iPhone $1,200 300 $1,250 400
Apple Watch $500 800 $650 850
Calculate the amount contributed by Apple to nominal U.S.
of the two products in 2016 and 2017.
Calculate the amount contributed by Apple to real U.S. GDP from the sales of
the two products in 2016 and 2017.
Determine the growth rate of nominal GDP (if Apple were the entire economy).
Determine the growth rate of real GDP (if Apple were the entire economy).
Use the shortcut you learned to convert between real and nominal growth rates
to determine the growth rate of prices.
Is the increase in nominal GDP due to a change in quantity, a change in prices,
or both?
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able 1 contains
the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were produced
in the United States.
Table 1: Apple Products
2016 2017
Price Quantity Price Quantity
iPhone $1,200 300 $1,250 400
Apple Watch $500 800 $650 850
Calculate the amount contributed by Apple to nominal U.S.
of the two products in 2016 and 2017.
Calculate the amount contributed by Apple to real U.S. GDP from the sales of
the two products in 2016 and 2017.
Determine the growth rate of nominal GDP (if Apple were the entire economy).
Determine the growth rate of real GDP (if Apple were the entire economy).
Use the shortcut you learned to convert between real and nominal growth rates
to determine the growth rate of prices.
Is the increase in nominal GDP due to a change in quantity, a change in prices,
or both?
able 1 contains
the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were produced
in the United States.
Table 1: Apple Products
2016 2017
Price Quantity Price Quantity
iPhone $1,200 300 $1,250 400
Apple Watch $500 800 $650 850
Calculate the amount contributed by Apple to nominal U.S.
of the two products in 2016 and 2017.
Calculate the amount contributed by Apple to real U.S. GDP from the sales of
the two products in 2016 and 2017.
Determine the growth rate of nominal GDP (if Apple were the entire economy).
Determine the growth rate of real GDP (if Apple were the entire economy).
Use the shortcut you learned to convert between real and nominal growth rates
to determine the growth rate of prices.
Is the increase in nominal GDP due to a change in quantity, a change in prices,
or both?
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