Respuesta :
Answer:
a. The nominal GDP 2016 = $43.96 billion
The real GDP 2016 = $43.96 billion
The nominal GDP 2017 = $50.46 billion
The real GDP 2017 = $47.36 billion
b. The growth rate is of nominal GDP is 14.79%
c. The growth rate is of real GDP is 7.73%
d. The growth rate in prices is 6.55%
e. The increase in nominal GDP in part a is due to a change in both quantity and prices
Explanation:
a. The amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models 2016 and 2017 are given as follows;
The nominal GDP 2016 = $24,485 × 307,069 + $44,400 × 820,799 = $43.96 billion
The real GDP 2016 = The nominal GDP 2016 = $43.96 billion
The nominal GDP 2017 = $24,645 × 308,296 + $47,800 × 896,764 = $50.46 billion
The inflation for Escape = ($24,645 - $24,485)/$24,485× 100 = 0.65%
GDP deflator for Escape = 100 + 0.65 = 100.65
The inflation for F-series = ($47,800 - $44,400)/$44,400× 100 = 7.66%
GDP deflator for F-series = 100 + 7.66 = 107.66
The real GDP 2017 = ($24,645 × 308,296)×100/100.65 + ($47,800 × 896,764)×100/107.66 = $47.36 billion
b. The growth rate is of nominal GDP is ((The nominal GDP 2017 - The nominal GDP 2016)/(The nominal GDP 2016)) × 100
The growth rate is of nominal GDP = (($50.46 billion - $43.96 billion)/$43.96 billion) × 100 = 14.79%
c. The growth rate is of real GDP is ((The real GDP 2017 - The real GDP 2016)/(The real GDP 2016)) × 100
The growth rate is of real GDP = (($47.36 billion - $43.96 billion
)/$43.96 billion) × 100 = 7.73%
d. The growth rate in prices is given as follows;
Price Deflator = (Nominal GDP/(Real GDP))×100
Price Deflator = ($50.46 billion/$47.36 billion)×100 = 106.55
The growth rate of prices = 106.55 - 100 = 6.55%
e. The increase in nominal GDP in part a is due to a change in both quantity and prices
Quantity increased from 307,069 in 2016 to 308,296 in 2017 for Escape SUVs
Quantity increased from 820,799 in 2016 to 896,764 in 2017 for F-series trucks
Price increased from $24,485 in 2016 to $24,645 in 2017 for Escape SUVs.
Price increased from $44,400 in 2016 to $47,800 in 2017 for F-series trucks.
a. The nominal GDP 2016 = $43.96 billion
The real GDP 2016 = $43.96 billion
The nominal GDP 2017 = $50.46 billion
The real GDP 2017 = $47.36 billion
b. The growth rate of nominal GDP is 14.79%
c. The growth rate of real GDP is 7.73%
d. The growth rate in prices is 6.55%
e. The increase in nominal GDP in part a is due to a change in both quantity and prices
How do you calculate the growth rate?
- If soil nutrients are adequate for the next season’s productivity expectation;
- Market volatility impacts the prices of the grown crop.
- Credit issues cause the inability to secure enough funds to cover full harvest requirements.
a. The amount contributed by Ford to U.S. real and nominal GDP from the sales of the two models in 2016 and 2017 are given as follows;
The nominal GDP 2016 = $24,485 × 307,069 + $44,400 × 820,799 = $43.96 billion
The real GDP 2016 = The nominal GDP 2016 = $43.96 billion
The nominal GDP 2017 = $24,645 × 308,296 + $47,800 × 896,764 = $50.46 billion
The inflation for Escape = ($24,645 - $24,485)/$24,485× 100 = 0.65%
GDP deflator for Escape = 100 + 0.65 = 100.65
The inflation for F-series = ($47,800 - $44,400)/$44,400× 100 = 7.66%
GDP deflator for F-series = 100 + 7.66 = 107.66
The real GDP 2017 = ($24,645 × 308,296)×100/100.65 + ($47,800 × 896,764)×100/107.66 = $47.36 billion
b. The growth rate is of nominal GDP is ((The nominal GDP 2017 - The nominal GDP 2016)/(The nominal GDP 2016)) × 100
The growth rate is of nominal GDP = (($50.46 billion - $43.96 billion)/$43.96 billion) × 100 = 14.79%
c. The growth rate is of real GDP is ((The real GDP 2017 - The real GDP 2016)/(The real GDP 2016)) × 100
The growth rate is of real GDP = (($47.36 billion - $43.96 billion
)/$43.96 billion) × 100 = 7.73%
d. The growth rate in prices is given as follows;
Price Deflator = (Nominal GDP/(Real GDP))×100
Price Deflator = ($50.46 billion/$47.36 billion)×100 = 106.55
The growth rate of prices = 106.55 - 100 = 6.55%
e. The increase in nominal GDP in part a is due to a change in both quantity and prices
Quantity increased from 307,069 in 2016 to 308,296 in 2017 for Escape SUVs
Quantity increased from 820,799 in 2016 to 896,764 in 2017 for F-series trucks
Price increased from $24,485 in 2016 to $24,645 in 2017 for Escape SUVs.
Price increased from $44,400 in 2016 to $47,800 in 2017 for F-series trucks.
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