00:01
Okay, so looking at this table here, we're looking at trying to find the les pierce price index for 2020.
00:06
In order to do that, basically the formula we're going to use is going to be price 1 times quantity 0.
00:13
So this is going to be my base, which should be 2010.
00:16
And then this will be 2020 then.
00:19
And that's going to be divided by price 0 times quantity 0.
00:23
So again, this is my base, so these are both going to be in terms of 2010 here.
00:26
So when i do this, i'm going to be adding up all four scenarios here together when we do that.
00:32
So what i mean by that is in the first case, we've got u .s.
00:35
Dollars here.
00:36
Price one is going to be 1647, and that's multiplied by quantity one, which is 7 .2...