The average price of tuition and fees at private 4-year colleges and universities increased from $8,300 in 1991 to $23,000 in 2006. Calculate the relative change in price from 1991 to 2006 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average tuition and fees in private 4-year colleges and universities increased by %. (Round to the nearest integer as needed.) Average Annual Consumer Price Index (CPI) (1982- 1984=100) Year CPI Year CPI Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 2005 195.3 1980 82.4 1993 144.5 1981 90.9 1994 148.2 2006 201.6 2007 207.3 1982 1983 96.5 1995 152.4 99.6 103.9 1997 1996 156.9 2008 215.3 1984 160.5 2009 214.5 1985 107.6 1998 163.0 2010 218.1 1999 166.6 2011 224.9 1986 109.6 1987 113.6 2000 172.2 2012 229.6 1988 118.3

The average price of tuition and fees at private 4-year colleges and universities increased from $8,300 in 1991 to $23,000 in 2006. Calculate the relative change in price from 1991 to 2006 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average tuition and fees in private 4-year colleges and universities increased by %. (Round to the nearest integer as needed.) Average Annual Consumer Price Index (CPI) (1982- 1984=100) Year CPI Year CPI Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 2005 195.3 1980 82.4 1993 144.5 1981 90.9 1994 148.2 2006 201.6 2007 207.3 1982 1983 96.5 1995 152.4 99.6 103.9 1997 1996 156.9 2008 215.3 1984 160.5 2009 214.5 1985 107.6 1998 163.0 2010 218.1 1999 166.6 2011 224.9 1986 109.6 1987 113.6 2000 172.2 2012 229.6 1988 118.3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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