Create a plot that shows the index values for real GDP for both recessions. You can use
Question:
Create a plot that shows the index values for real GDP for both recessions. You can use the numbers provided under Quarters after Start of Recession for the values to report on the horizontal axis. Do the same for the index values for employment and for average labor productivity
| Y | N | Y/N | Quarters after Start of Recession | |||
| 2007-10-01 | 100 | 2007-10-01 | 100 | 2007-10-01 | 100 | 0 |
| 2008-01-01 | 99.4252 | 2008-01-01 | 99.55091 | 2008-01-01 | 99.87372 | 1 |
| 2008-04-01 | 99.93846 | 2008-04-01 | 98.74228 | 2008-04-01 | 101.2114 | 2 |
| 2008-07-01 | 99.39728 | 2008-07-01 | 96.96695 | 2008-07-01 | 102.5064 | 3 |
| 2008-10-01 | 97.24654 | 2008-10-01 | 96.14781 | 2008-10-01 | 101.1428 | 4 |
| 2009-01-01 | 96.15468 | 2009-01-01 | 95.5306 | 2009-01-01 | 100.6533 | 5 |
| 2009-04-01 | 96.01637 | 2009-04-01 | 94.82088 | 2009-04-01 | 101.2608 | 6 |
| 2009-07-01 | 96.36594 | 2009-07-01 | 94.97301 | 2009-07-01 | 101.4667 | 7 |
| Y | N | Y/N | ||||
| 2019-10-01 | 100 | 2019-10-01 | 100 | 2019-10-01 | 100 | |
| 2020-01-01 | 98.69642 | 2020-01-01 | 99.43149 | 2020-01-01 | 99.26072 | |
| 2020-04-01 | 89.87567 | 2020-04-01 | 86.76768 | 2020-04-01 | 103.582 | |
| 2020-07-01 | 96.65907 | 2020-07-01 | 92.2135 | 2020-07-01 | 104.821 | |
| 2020-10-01 | 97.73708 | 2020-10-01 | 94.46567 | 2020-10-01 | 103.4631 | |
| 2021-01-01 | 99.23626 | 2021-01-01 | 94.84621 | 2021-01-01 | 104.6286 | |
| 2021-04-01 | 100.8645 | 2021-04-01 | 95.53583 | 2021-04-01 | 105.5777 | |
| 2021-07-01 | 101.369 | 2021-07-01 | 96.60409 | 2021-07-01 | 104.9324 |
b. Based upon your plots, which recession experienced the deepest decline in real GDP and which recession experienced the quickest recovery back towards its value prior to the start of the recession? Briefly explain your reasoning.
c. Based upon your plots, which recession experienced the deepest decline in employment and which recession experienced the quickest recovery back towards its value prior to the start of the recession? Briefly explain your reasoning. d. Based upon your plots, which recession experienced the deepest decline in average labor productivity and which recession experienced the quickest recovery back towards its value prior to the start of the recession? Briefly explain your reasoning.
Expert Answer:
Stepbystep explanation a In order to draw the graph we will arrange the data in the format mentioned in the table below Quarters after Start of Recession Real GDP for Great Recession Real GDP for Covi... View the full answer
