On April 1, the price of gas at Bob's Corner Station was $3.80 per gallon. On May 1, the price was $4.30 per gallon. On June 1, it was back down to $3.80 per gallon. Between April 1 and May 1, Bob's price increased by , or Between May 1 and June 1, Bob's price decreased by or Suppose that at a gas station across the street, prices are always 20% higher than Bob's. In absolute dollar terms, the difference between Bob's prices and the prices across the street is when gas costs $4.30 than when gas costs $3.80. Some economists blame high commodity prices (including the price of gas) on interest rates being too low. Suppose the Fed raises the target for the federal funds rate from 2% to 2.5%. This change of percentage points means that the Fed raised its target by approximately

On April 1, the price of gas at Bob's Corner Station was $3.80 per gallon. On May 1, the price was $4.30 per gallon. On June 1, it was back down to $3.80 per gallon. Between April 1 and May 1, Bob's price increased by , or Between May 1 and June 1, Bob's price decreased by or Suppose that at a gas station across the street, prices are always 20% higher than Bob's. In absolute dollar terms, the difference between Bob's prices and the prices across the street is when gas costs $4.30 than when gas costs $3.80. Some economists blame high commodity prices (including the price of gas) on interest rates being too low. Suppose the Fed raises the target for the federal funds rate from 2% to 2.5%. This change of percentage points means that the Fed raised its target by approximately

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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