I missed an entire week of school and I've learned so much in the past 5 min of watching your video than I have this school semester. Thank you!
@mayasavoie-ohara6551
4 жыл бұрын
My teacher spent 3 classes explaining this and I still didn't understand. Thank you for making such a simplified and easy to understand version
@niallquadros
2 жыл бұрын
ikrr
@jailynkill1866
2 жыл бұрын
when you're studying on your own, it makes it a lot easier to focus and understand the topic, hence why homework is a thing.
@mahiniqbalchowdhury6032
6 жыл бұрын
@amarnathreddydornala3615
5 жыл бұрын
lol
@aartijarwani
5 жыл бұрын
Certainly!
@athermushtaq8097
3 жыл бұрын
😂😂😂😂
@athermushtaq8097
3 жыл бұрын
india
@thembinkosimahemu223
3 жыл бұрын
Am going to have a test at 14 and I must say, you are the best 💃💃💃💃💃...I have understood what I failed to understand in 2 months
@baliswankosi6380
4 жыл бұрын
I'm mentioning you in my graduation speech
@glennwatson3313
4 жыл бұрын
Did you get to give one?
@Cheesecake99YearsAgo
Жыл бұрын
It seems like your video is in the wrong order for this playlist video #7 Calculating Inflation using a CPI video #8 Calculating a Consumer Price Index (CPI) change their position if you don't mind i was confused for a moment when video 7 mentioned (in our last video, i showed you how to calculate a CPI using prices over 3 different years).
@allanmccarthy6582
5 жыл бұрын
Quick question I am in intro economics, is CPI the same as an index number? Just CPI is for dollar amounts and index numbers are for non dollar amounts?
@livk4787
6 жыл бұрын
For the IB econ exam, if there is a question on evaluation government responses to the overuse of common access resources, which responses would you talk about? licensing, allocation of property rights, tradable permits, taxes? and is air considered a common access resource ? evaluation responses like the allocation of property rights seems quite tricky to me, do you have any advice on that or resource?
@teairrareese4041
2 жыл бұрын
You out here doing the Lord's work, THANK YOU!
@barryfitzgerald3839
2 жыл бұрын
So do you shop around for who has the lowest price ? R u buy hotdogs from the same place every year ?
@MmeInformaticienne
Жыл бұрын
Which price exactly is considered? Because for example different milk brands have different prices. So which price is considered? Is it the price at rashan shops?? please explain thanks 😊
@zhanghui2740
6 жыл бұрын
Do we need times the QUANTITY of each item to calculate? Not just use PRICE to calculate CPI
@GkasGkas
5 жыл бұрын
Yes. Or find the inflation rate for each good and add up and divide by the number of goods to obtain the unweighted inflation rate. Using quantities as weights, take the average of inflation rates to obtain weighted inflation rate? To add up all prices seems to add up expenses by assuming unit consumption of each good, the rate of increase is rate of increase of cost of living ?
@zhengguo9484
4 жыл бұрын
thank u bro
@riteshchand1158
3 жыл бұрын
Superb Jason, you nailed it bro, made it look so simple. Cheers
@hoangsithinh6048
2 жыл бұрын
Great work! Thanks for sharing!!! However, I did not see weight of each item used in the basket. I think the CPI would change a lot if the weights had been but in the formula.
@anhslondon
4 жыл бұрын
Hi, I have a question, can you help me. If I have montly cpi so how can I calculate quarterly cpi?
@gorkyd7912
2 жыл бұрын
If monthly CPI changed by 0.1, 0.2, and 0.3 in Jan, Feb, March then quarter CPI would be 100.6 right?
@richadias2676
3 жыл бұрын
This is so simply explained🙏.. Thank you❤
@rvmajor
4 жыл бұрын
Can you provide the link to the follow-up video to this please?
@shubhammanichaturvedi2020
3 жыл бұрын
Why you have just add the prices.. instead multiplying it with the quantity of corresponding goods?I think your this approach is true when economy produces same quantity of all the three goods in base year.
@alexdavis5838
5 жыл бұрын
simple and straight to the point... thank you....
@FebreezeAd
3 жыл бұрын
Thank you for the video. Very clear and got straight to the point
@Salvation1984
5 жыл бұрын
Great video! Simple and perfectly explained!
@elizaberthhaikokola5096
3 жыл бұрын
You made it so simple, unlike our lecture
@mklh.m8554
3 жыл бұрын
Hello po sir. How to calculate and get the real consumption and real wage, do you have a video of those or can you make a video please.
@abigaelgichaba6939
4 жыл бұрын
Just what i needed Thanks a whole lot sir
@Abdulmubinhassan
3 жыл бұрын
Bro, thanks 👍 i really appreciate you Nice work i easily understand it
@ksvrd
4 жыл бұрын
OMGG. Thank youuuu ! So well explained.
@lisaella3945
3 жыл бұрын
Thanks a lot. This was very helpful 🙂☺
@muratkepkep5275
5 жыл бұрын
That is simple describe the subject! Thank you explain for CPI!
@IceyDivine
2 жыл бұрын
This helped so much thank you
@cazeauyoudi3042
4 жыл бұрын
How do you get 16 for 2016??
@HaiderAli-tw9js
4 жыл бұрын
Tysm bruh you help me for ma quiz today
@hasandagman6203
2 жыл бұрын
You are the best Thank You
@kjellordillano3672
2 жыл бұрын
listening no teacher: boring listening to this guy: interesting
@jendecesare3479
5 жыл бұрын
Great Teacher Thanks
@jjbotha6242
3 жыл бұрын
Excellent!
@Ableten
5 жыл бұрын
Thanks for quality video
@DK-fn6xr
4 жыл бұрын
You have assumed that the consumer buys the same amount of each good when calculating the price of the basket of goods by adding the prices.
@gorkyd7912
2 жыл бұрын
The price for the goods is based on the amount spent on that good by the consumer, not the price of one of that item. So for instance the "socks" price is not just the price of a single pair of socks it would have to be calculated as something like total amount spent on socks for all consumers in the index over the time period, divided by the number of consumers. So if 100,000 consumers bought $400,000 worth of socks during that time the price an average consumer spent on socks would be $4. Naturally, if you want the CPI to be more accurate you may have to exclude outliers that aren't reflective of average consumer habits so they don't skew the index.
@DK-fn6xr
2 жыл бұрын
Where did you say that in the video? I only see prices of a good per year that you simply add up. How do you account for different weighing per year?
@gorkyd7912
2 жыл бұрын
@@DK-fn6xr It's implied when you are looking at expenditures on goods by year and across a population that the price cannot be a simple whole goods price. I.e a large population will not all buy exactly 1 pair of socks per person per year, so the prices necessarily have to be average spending over the time period and across a population. The weighting you choose for each good depends on what you're using the CPI for and is done during creation of the initial "basket of goods." If you're trying to track actual price changes for real consumers you probably wouldn't limit it to only hot dogs, uber rides, and socks because a global hot dog shortage could really throw off the numbers. So you would build the basket by averaging expense percentages for a median consumer (i.e they spend 20% on food, 20% on transport, 10% on clothing) and those percentages would determine the weighting in the basket. And then each category, i.e food, within the basket would track the prices of multiple items weighted by their share of purchases in that category; i.e 2% of the median consumer's food expenses is hot dogs means hot dog prices going up 100% will increase the CPI by about 0.4% in this example. TLDR; forming the basket of goods you will use in the CPI is done prior to this calculation and is usually a lot more complex, but the calculation is the same.
@DK-fn6xr
2 жыл бұрын
To get an average price, we divide the total expenditure by a total quantity. But, when adding up different goods, relative prices tell us how much we can trade one good for another. In terms of a reference good, the equivalent quantity of good A is Eqv. Q(good A) = Sum(price(good i)*Q(good i)/price(good A), {i}) = (1/price(good A)*sum(Expenditure(good i), {i}) The increase of this equivalent quantity (in units of good A) means that society is simply consuming more. The equivalent quantity (in units of good A) of the good i, is price(good i)*Q(good i)/price(good A) = Expenditure(good i)/price(good A) Thus, the relative weight of good i in total consumption is weighted by current expenditures. The CPI is then the weighted change of the prices of each good CPI = 100*Sum(price(Good i, current year)*Expenditure(Good i, current year)/price(Good i, base year), {i})/Sum(Expenditure(good i, current year), {i}) Because your example does not involve any information about total expenditures for each good in a given year, you do not compensate for consumer adjustment against more expensive goods.
@renee-oy1xb
2 жыл бұрын
my ap econ teacher went over this within 1 class period then expected us to know it 100% like..... -__-
@SaundraPratt6886
4 жыл бұрын
OMG you are so amazing
@somedude1564
8 ай бұрын
This was a lifesaver hahaha
@FlywithZahanat
3 жыл бұрын
well explained
@gyrlx954
5 жыл бұрын
THANK YOU THANK YOU THANK YOU!!!!!!!
@Sidramajeedd
2 жыл бұрын
hi ginger sir thanks alot
@UnGuardedGravy
5 жыл бұрын
My Man Thank you :)
@urvivaidya5920
3 жыл бұрын
Thank u so much.
@yernoi2167
28 күн бұрын
i love when the only example only has a quantity of 1 for each thing so it doesnt answer any of your questions
@Emilypwilson
Ай бұрын
thanks mate
@chaseallen9920
3 жыл бұрын
thank you
@kama8213
4 жыл бұрын
Спасибо! Очень помог
@diegojoaquin5258
5 жыл бұрын
Plz be our teacher
@IDK-bu6wh
3 жыл бұрын
Thank u
@Swanselm
11 ай бұрын
Yeap I’m failing my test today I need like a whole other weak to study these concepts
@TheTurbanatore
5 жыл бұрын
Thank you
@daveg5183
Жыл бұрын
👍
@himaya3592
2 жыл бұрын
Crypto is taking me into storage places
@jakubhladil5340
2 жыл бұрын
4:20
@Younessss_
5 жыл бұрын
420
@OkBud56
Жыл бұрын
Two decimal placements next time doofus!!
@luishul3074
4 жыл бұрын
LIES
@tibebmistwal5449
4 жыл бұрын
You are explaining for yourself why you are too fast.you can't teach in this way be slow on your next clip please
@karlabarraza8391
4 жыл бұрын
u can always reduce the speed on the video on settings
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