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11. The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2017

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11. The table contains 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 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). d. Use the shortcut you learned to convert between real and nominal growth rates to determine the growth rate of prices. e. Is the increase in nominal GDP due to a change in quantity, a change in prices, or both? 12. The growth rate of nominal GDP was 9.4%, and the growth rate of real GDP was 7.4% for Iceland in 2016. Approximately what was the percentage change in prices

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