The table below represents the goods that are produced by Siri bread and water are used by the citizens of the city half of all plows are used by the city Council while the rest are used by citizens metal is used to produce plows and Nothing More when necessary use 2013 as the base year the typical consumer buys 10 bread 100 water and two plows. a. In what year was the water in the most expensive in real terms show work b. What was the real wage for Jakku's minimum wage of $8.25 in 2014
The table below represents the goods that are produced by Siri bread and water are used by the citizens of the city half of all plows are used by the city Council while the rest are used by citizens metal is used to produce plows and Nothing More when necessary use 2013 as the base year the typical consumer buys 10 bread 100 water and two plows. a. In what year was the water in the most expensive in real terms show work b. What was the real wage for Jakku's minimum wage of $8.25 in 2014
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table below represents the goods that are produced by Siri bread and water are used by the citizens of the city half of all plows are used by the city Council while the rest are used by citizens metal is used to produce plows and Nothing More when necessary use 2013 as the base year the typical consumer buys 10 bread 100 water and two plows.
a. In what year was the water in the most expensive in real terms show work
b. What was the real wage for Jakku's minimum wage of $8.25 in 2014
Transcribed Image Text:Bread
Water
Plows
Metal
Price
Quantity
Price
Quantity
Quantity
1000 $150
Price
Quantity
Price
2011
$2
100
$1
60
$43
800
2012
$3
110
$1
1100 $200
70
$44
875
2013
$3
120
$1
1100 $200
70
$46
900
2014
$5
120
$2
1100 $210
40
$49
934
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