00:01
Okay, so we want to determine the real gdp given the information that is provided.
00:08
And we can actually summarize that information in the form of a table or schedule.
00:15
We want to look at two commodities, basically.
00:23
We're going to be looking at beer and chocolate.
00:27
So we have the product, the product that we have.
00:31
Is beer and chocolate now the information that is given is for 2020 quantity amounts and then we have the 2020 prices and we also given the 2021 quantity and as well as the 2021 prices okay so for each of those we can then have for 2021, the price of, maybe the quantity of beer is eight, quantity of chocolate is seven, the price is 2 .4 for beer, and $1 .2 .40 and $1 .40 for chocolate.
01:26
And quantities in 2021, we have 10 units for beer and 13 units for chocolate.
01:35
And when it comes to the prices, we have $2 .80 for beer and we have $1 .80 for a chocolate.
01:44
Okay, so with these prices, we want to determine the real gdp.
01:50
So real gdp is basically going to need us to have the year or base year.
01:58
And in this analysis, the base year has been given as 2020.
02:03
So the base year is given as 2020.
02:08
So it simply means we are going to be using the 2020 prices to determine the value of the routes and services produced in 2021...