A dozen eggs cost $0.88 in January 1980 and $2.11in January 2015. The average wage for productionworkers was $7.58 per hour in January 1980 and$19.64 in January 2015.a. By what percentage did the price of eggs rise?b. By what percentage did the wage rise?c. In each year, how many minutes did a workerhave to work to earn enough to buy adozen eggs?d. Did workers’ purchasing power in terms of eggsrise or fall?

A dozen eggs cost $0.88 in January 1980 and $2.11in January 2015. The average wage for productionworkers was $7.58 per hour in January 1980 and$19.64 in January 2015.a. By what percentage did the price of eggs rise?b. By what percentage did the wage rise?c. In each year, how many minutes did a workerhave to work to earn enough to buy adozen eggs?d. Did workers’ purchasing power in terms of eggsrise or fall?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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