Table 1 contains price and quantity information for two products produced by Apple, 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 ˆ Calculate the amount contributed by Apple to nominal U.S. GDP from the sales of the two products in 2016 and 2017. ˆ Calculate the amount contributed by Apple to real U.S. GDP from the sales of the two products in 2016 and 2017. ˆ Determine the growth rate of nominal GDP (if Apple were the entire economy). ˆ Determine the growth rate of real GDP (if Apple were the entire economy). ˆ Use the shortcut you learned to convert between real and nominal growth rates to determine the growth rate of prices. ˆ Is the increase in nominal GDP due to a change in quantity, a change in prices, or both?

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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 price and quantity information for two products produced by Apple,
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
ˆ Calculate the amount contributed by Apple to nominal U.S. GDP from the sales
of the two products in 2016 and 2017.
ˆ Calculate the amount contributed by Apple to real U.S. GDP from the sales of
the two products in 2016 and 2017.
ˆ Determine the growth rate of nominal GDP (if Apple were the entire economy).
ˆ Determine the growth rate of real GDP (if Apple were the entire economy).
ˆ Use the shortcut you learned to convert between real and nominal growth rates
to determine the growth rate of prices.
ˆ 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 price and quantity information for two products produced by Apple,
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
ˆ Calculate the amount contributed by Apple to nominal U.S. GDP from the sales
of the two products in 2016 and 2017.
ˆ Calculate the amount contributed by Apple to real U.S. GDP from the sales of
the two products in 2016 and 2017.
ˆ Determine the growth rate of nominal GDP (if Apple were the entire economy).
ˆ Determine the growth rate of real GDP (if Apple were the entire economy).
ˆ Use the shortcut you learned to convert between real and nominal growth rates
to determine the growth rate of prices.
ˆ Is the increase in nominal GDP due to a change in quantity, a change in prices,
or both?

 
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