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Hello, so today i'm going to answer a question about the difference between the nominal and the real gdp, one specific application.
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So what is the nominal gdp? the nominal gdp is the addition of all the goods of the economy times their price.
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So what i did was multiplying the price of shirts 7 .5 times the amount of shirts that the economy produced, 1 ,500.
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The same for pants, $15 times 4 ,000.
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This gives me 771 ,250.
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This is the...
00:31
Nominal gdp for 2014.
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Now i find the real gdp using the 2013 as the vice.
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So basically what i need to do is take the price of the previous year and multiplied by the number of good previous in that moment.
00:44
So i take this as fixed.
00:47
I change the prices...