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Suppose you needed $37,000 to maintain a particular standard of living in 1983. How much would you have needed in 2011 to maintain the same standard of virg? Assume that all prices have risen at the same rate as the CPL How much would you have needed? (Round to the nearest dolar) CARTE Average Annual Consumer Price Index (CPI) (1982-1984-100) CPI CPI Year 1949 1990 Year 1976 1977 1978 1979 1980 1981 1982 1983 1964 1965 1986 1987 1988 66.9 606 65.2 72.6 82.4 90.9 96.5 99.0 103.9 107.6 109. 113.6 118.3 1991 1992 1990 1994 1996 1990 1907 1998 1999 2000 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.8 172.2 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CPI 177.1 179.9 184.0 188.9 196.3 201.6 207.3 215.3 214.5 218.1 224,9 229.6

Suppose you needed $37,000 to maintain a particular standard of living in 1983. How much would you have needed in 2011 to maintain the same standard of virg? Assume that all prices have risen at the same rate as the CPL How much would you have needed? (Round to the nearest dolar) CARTE Average Annual Consumer Price Index (CPI) (1982-1984-100) CPI CPI Year 1949 1990 Year 1976 1977 1978 1979 1980 1981 1982 1983 1964 1965 1986 1987 1988 66.9 606 65.2 72.6 82.4 90.9 96.5 99.0 103.9 107.6 109. 113.6 118.3 1991 1992 1990 1994 1996 1990 1907 1998 1999 2000 124.0 130.7 136.2 140.3 144.5 148.2 152.4 156.9 160.5 163.0 166.8 172.2 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CPI 177.1 179.9 184.0 188.9 196.3 201.6 207.3 215.3 214.5 218.1 224,9 229.6

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Suppose you needed $37,000 to maintain a particular standard of living in 1983. How much would you have needed in 2011 to maintain the same standard of living? Assume that all prices have risen at the same rate as the CPI. How much would you have needed? $ (Round to the nearest dollar.) (... Average Annual Consumer Price Index (CPI) (1982-1984-100) CPI CPI Year 124.0 1989 130.7 1990 1991 136.2 140.3 1992 1993 1994 144.5 148.2 1995 152.4 1996 156.9 1997 160.5 1998 163.0 1999 166.6 2000 172.2 Year 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CPI 177.1 179.9 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6

Suppose you needed $37,000 to maintain a particular standard of living in 1983. How much would you have needed in 2011 to maintain the same standard of living? Assume that all prices have risen at the same rate as the CPI How much would you have needed? $0 (Round to the nearest dolar) Average Annual Consumer Price Index (CPI) (1982-1984-100) CPI Year Year CPI 2001 66.9 124.0 1949 1990 606 130.7 2002 2003 136.2 65.2 140.3 2004 72.6 824 144.5 148.2 152.4 156.0 160.5 163.0 Year 1976 1977 1978 1979 1980 1981 1982 1963 1964 1965 1986 1957 1988 90.9 96.5 99.0 103.9 107.6 109.6 113.6 118.3 1991 1992 1990 1994 1996 1990 1907 1998 1999 2000 166.8 172.2 2005 2006 2007 2008 2009 2010 2011 2012 CPI 1773 179.9 184.0 188.9 196.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6
Transcribed Image Text:Suppose you needed $37,000 to maintain a particular standard of living in 1983. How much would you have needed in 2011 to maintain the same standard of living? Assume that all prices have risen at the same rate as the CPI How much would you have needed? $0 (Round to the nearest dolar) Average Annual Consumer Price Index (CPI) (1982-1984-100) CPI Year Year CPI 2001 66.9 124.0 1949 1990 606 130.7 2002 2003 136.2 65.2 140.3 2004 72.6 824 144.5 148.2 152.4 156.0 160.5 163.0 Year 1976 1977 1978 1979 1980 1981 1982 1963 1964 1965 1986 1957 1988 90.9 96.5 99.0 103.9 107.6 109.6 113.6 118.3 1991 1992 1990 1994 1996 1990 1907 1998 1999 2000 166.8 172.2 2005 2006 2007 2008 2009 2010 2011 2012 CPI 1773 179.9 184.0 188.9 196.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6
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