The nominal price of a college education rose from 15,212 in 1993 to 18,273 in 2002. The CPI was 107.6 in 1985, 144 in 1993, and 205 in 2007. a) What was the real price of a college education in 1993 in 1985 dollars? b) In real terms was college more expensive in 1993 or 1997?
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- The consumer price index of education in January 2017 was 251.126. In January 2018 the CPI for education was 257.308. If annual tuition at a public university was $5,500 in January 2017, What should the same tuition cost (in dollars) in January 2018 if the school increased tuition to keep pace with the CPI? Round your answer to the nearest cent. In 1990, the average home price in Texas was $85,815 and in 2010, the average price was $191,014. On average, what was the yearly increase in the average home price during this time period? Round to the nearest whole dollar. Part C: In 1990, the median price in Texas was $68,470 and in 2010, the median price was $146,417. On average, what was the yearly increase in the median home price during this time period? Round to the nearest whole dollar.Ivy Tech Tuition was $88.06 per credit hour in 2006. Use the CPI values to determine what the school would be charging in 2013 if they only increased tuition based on inflation. (round to the nearest cent)
- An engineer in 1950 was earning $6,100 a year. In 2020, she earned $81,000 a year. However, on average, prices in 2020 were higher than in 1950. What was her real income in 2020 in terms of constant 1950 dollars? Use the data in Table 5.8. CPI % Change since 1950 1950 25.0 +19.2% 1960 29.8 +59.2% 1970 39.8 +245.2% 1980 86.3 +435.2% 1990 133.8 +596.0% 2000 174.0 +776.8% 2010 219.2 +948.1% 2020 262.0An engineer in 1950 was earning $6,900 a year. In 2017 she earned $89,000 a year. However, on average, prices in 2017 were higher than in 1950. What was her real income in 2017 in terms of constant 1950 dollars? Use the data in Table 5.8. (Round your answer to 2 decimal places.) CPI Percent Change since 1950 1950 25.0 1960 29.8 +19.2% 1970 39.8 +59.2% 1980 86.3 +245.2 1990 133.8 +435.2 2000 174.0 +596.0 2010 219.2 +776.8 2017 248.0 +892.0Assume that in January 2017, the average house price in a particular area was $294,500. In January 2001, the average price was $201,300. What was the annual increase in selling price?
- Buying your own home is often mentioned as "the best investment you can make." In 1964, the average home sale price was $19,600. By 2009, the average home sale price had risen to $272,900. What was the average annual rate of change in the price of houses over this 45 year time period? 10.52% per year 12.16% per year 6.03% per year 3.74% per year FIn 2007, the median cost of a new home was $235,500 (source. https//www census gov/const/uspric emon.pdf). If the CPI in 2007 was 100, and the CPI in 2017 was 137.27, what would the cost of a new home in 2007 be in 2017 dollars? Do not include a dollar sign in your answer. Round your answer to two (2) decimal places if necessaryAssume that in January 2020, the average house price in a particular area was $267,500. In January 2000, the average price was $186,000. What was the annual 'increase in the price of the average house sold? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Annual increase in selling price 1.89 %
- In 2011, home prices and mortgage rates fell so far that in a number of cities the monthly cost of owning a home was less expensive than renting. The following data show the average asking rent for 10 markets and the monthly mortgage on the median priced home (including taxes and insurance) for 10 cites where the average monthly mortgage payment was less than the average asking rent (The Wall Street Journal, November 2627, 2011). a. Develop a scatter chart for these data, treating the average asking rent as the independent variable. Does a simple linear regression model appear to be appropriate? b. Use a simple linear regression model to develop an estimated regression equation to predict the monthly mortgage on the median priced home given the average asking rent. Construct a plot of the residuals against the independent variable rent. Based on this residual plot, does a simple linear regression model appear to be appropriate? c. Using a quadratic regression model, develop an estimated regression equation to predict the monthly mortgage on the median-priced home, given the average asking rent. d. Do you prefer the estimated regression equation developed in part (a) or part (c)? Create a plot of the linear and quadratic regression lines overlaid on the scatter chart of the monthly mortgage on the median-priced home and the average asking rent to help you assess the two regression equations. Explain your conclusions.Given the attached information, which of the answers below would be correct?: a. A would lend, consume 0 today and $105,000 next year b. G would borrow, consume $112,037 today and 0 next year c. A would lend, consume 0 today and $111,000 next year d. G would borrow, consume $105,714 today and 0 next year e. G would borrow, consume $111,111 today and 0 next yearThe economic downturn in 20082009 resulted in the loss of jobs and an increase in delinquent loans for housing. In projecting where the real estate market was headed in the coming year, economists studied the relationship between the jobless rate and the percentage of delinquent loans. The expectation was that if the jobless rate continued to increase, there would also be an increase in the percentage of delinquent loans. The following data show the jobless rate and the delinquent loan percentage for 27 major real estate markets. Source: The Wall Street Journal, January 27, 2009. a. Compute the correlation coefficient. Is there a positive correlation between the jobless rate and the percentage of delinquent housing loans? What is your interpretation? b. Show a scatter diagram of the relationship between the jobless rate and the percentage of delinquent housing loans.
