The nominal and real GDP of Escape SUVs and F -series truck are 15,116,539,385, 79,308,794,800, 7,518,584,465 and 76,259,797,200
How to calculate real and nominal GDP
Nomital GDP:
Escape SUVs = price x quantity of each year
= ($24,485 × 307,069) + ($24,645 × 308,296)
= 7,518,584,465 + 7,597,954,920
= 15,116,539,385
F -series truck = price x quantity of each year
= ($44,400 × 820,799) + ($47,800 × 896,764)
= 36,443,475,600 + 42,865,319,200
= 79,308,794,800
Real GDP: using 2016 as the base year.
- multiply price of base year by quantity of current year
Escape SUVs 2016 = ($24,485 × 307,069) + ($24,485 × 308,296)
= 7,518,584,465
F -series truck 2017 = ($44,400 × 820,799) + ($44,400 × 896,764)
= 36,443,475,600 + 39,816,321,600
= 76,259,797,200
Learn more about real and nominal GDP:
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