00:01
Well, we have some data from the land of milk and honey.
00:07
We've got the years of 2008, 2009, and 2010.
00:11
Here we have the price of milk and the quantity of milk, the price of honey, and the quantity of honey.
00:15
In 2008, we can see the price of milk was $1.
00:19
Quantity was 100 quarts.
00:20
The price of honey was $2, and the quantity of honey was 50 quarts.
00:25
And we can see the rest of the data right here.
00:29
Compute nominal gdp, real gdp, and the gdp flater for each year.
00:33
Year using 2020 as the base year.
00:36
In 2008, the nominal gdp was 200, real gdp was 200, and the gdp deflator is one.
00:43
2009, nominal gdp is 400, real gdp is 400, and the gdp deflator is one.
00:50
In 2010, the nominal gdp is 800, real gdp is 400, and the gdp deflator is two.
00:57
Compute the percentage change in nominal gdp, real gdp, and the gdp deflator in 2021 and 2022 from the preceding year.
01:05
For each year, identified the variable that does not change, explain why your answer makes sense.
01:11
So we've got 2009 and 2010...