Consider golfers who led the Professional Golfers’ Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Year Golfer Nominal Winnings U.S. CPI Winnings in 2016 Dollars (Dollars) (1983 = 100) 1968 Billy Casper 205,169 34.8 ? 1974 Johnny Miller 353,022 49.3 ? 1991 Corey Pavin 979,430 136.2 ? 2016 Dustin Johnson 9,365,185 240.0 ? True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. True
Consider golfers who led the Professional Golfers’ Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation). To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar. Year Golfer Nominal Winnings U.S. CPI Winnings in 2016 Dollars (Dollars) (1983 = 100) 1968 Billy Casper 205,169 34.8 ? 1974 Johnny Miller 353,022 49.3 ? 1991 Corey Pavin 979,430 136.2 ? 2016 Dustin Johnson 9,365,185 240.0 ? True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation. True
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider golfers who led the Professional Golfers’ Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal figures (unadjusted for inflation).
To convert the original earnings of Casper, Miller, and Pavin, use the formula for converting dollar figures from an earlier era into year 2016 U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.
|
Year
|
Golfer
|
Nominal Winnings
|
U.S.
|
Winnings in 2016 Dollars
|
|---|---|---|---|---|
|
(Dollars)
|
(1983 = 100)
|
|||
| 1968 | Billy Casper | 205,169 | 34.8 | ? |
| 1974 | Johnny Miller | 353,022 | 49.3 | ? |
| 1991 | Corey Pavin | 979,430 | 136.2 | ? |
| 2016 | Dustin Johnson | 9,365,185 | 240.0 | ? |
True or False: According to the previous table, the golfer with the highest PGA winnings in nominal dollars is the same as the golfer with the highest PGA winnings after adjusting for inflation.
True
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