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8 Average in-state tuition at public universities was $140 in 1960 and $4,694 in 2003. The CPI was 29.6 in 1960 and 184.0 in 2003. What was the real (purchasing power) cost of tuition in 1960, expressed in 2003 dollars? Round to the nearest dollar. $ type your answer.... Compared with the prices of other goods and services, college tuition became (A) more or (B) less affordable between 1981 and 2006, or was (C) about the same in terms of affordability? Choose A, B or C: type your answer.... -D

8 Average in-state tuition at public universities was $140 in 1960 and $4,694 in 2003. The CPI was 29.6 in 1960 and 184.0 in 2003. What was the real (purchasing power) cost of tuition in 1960, expressed in 2003 dollars? Round to the nearest dollar. $ type your answer.... Compared with the prices of other goods and services, college tuition became (A) more or (B) less affordable between 1981 and 2006, or was (C) about the same in terms of affordability? Choose A, B or C: type your answer.... -D

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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8 Average in-state tuition at public universities was $140 in 1960 and $4,694 in 2003. The CPI was 29.6 in 1960 and 184.0 in 2003. What was the real (purchasing power) cost of tuition in 1960, expressed in 2003 dollars? Round to the nearest dollar. $ type your answer.... Compared with the prices of other goods and services, college tuition became (A) more or (B) less affordable between 1981 and 2006, or was (C) about the same in terms of affordability? Choose A, B or C: type your answer... -D
Transcribed Image Text:8 Average in-state tuition at public universities was $140 in 1960 and $4,694 in 2003. The CPI was 29.6 in 1960 and 184.0 in 2003. What was the real (purchasing power) cost of tuition in 1960, expressed in 2003 dollars? Round to the nearest dollar. $ type your answer.... Compared with the prices of other goods and services, college tuition became (A) more or (B) less affordable between 1981 and 2006, or was (C) about the same in terms of affordability? Choose A, B or C: type your answer... -D
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