00:01
So here we are talking about gdp, right? and of course, we know that gdp is the market value, which is equal to the price times the quantity of everything, right? all final goods and services.
00:15
So here we've got 2005 and 2006, right? so for 2005, nominal gdp would be the price of apples times the quantity of apples.
00:27
And then it would be the price of oranges times the quantity of orange.
00:35
And so here that looks like 50.
00:38
In 2010, if i'm reading this chart correctly, and whoever set this chart up is not doing a good job, right? you can see that it didn't copy correctly.
00:48
There's dollars under the quantity, et cetera, et cetera.
00:50
It looks like the price of apples is 225.
00:54
It looks like the quantity of apples is 12...