0:00
Hello everyone.
00:01
So the question says that find nominal gdp in the current year and in the base year.
00:08
What is the percentage increase since the base year? so nominal gdp we calculate the nominal gdp formula by multiplying price into quantity of each year.
00:31
So current year is equal to 4 ,000 multiplied by $3 plus 14 ,000 multiplied by $2 plus $32 ,000 multiplied by $5 which on solving gives $200 ,000.
01:11
Now coming to base here, so base here is equals to $3 ,000 multiplied by $2 plus $6 ,000 multiplied by $3 ,000 plus $8 ,000.
01:37
Multiplied by $4 which on solving gives $56 ,000.
01:48
Now percentage increase from base here is equals to $200 ,000 divided by $56 ,000 multiplied by 100 that is equals to 357 .14%.
02:27
So it is increased by $257 .14%.
02:30
So it is increased by 257%...