The table below shows the CPI and the nominal price of a Big Mac in January 2015 and January 2023. January 2015 January 2023 CPI 235 300 Big Mac $4.79 $5.81 By what percentage did the real price of a Big Mac change between January 2015 and January 2023? Use positive numbers to indicate an increase and a negative number to indicate a decrease. Do not increase the "%" symbol in the box. Include 2 decimal places in your answer.
The table below shows the CPI and the nominal price of a Big Mac in January 2015 and January 2023. January 2015 January 2023 CPI 235 300 Big Mac $4.79 $5.81 By what percentage did the real price of a Big Mac change between January 2015 and January 2023? Use positive numbers to indicate an increase and a negative number to indicate a decrease. Do not increase the "%" symbol in the box. Include 2 decimal places in your answer.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Macroeconomic Measurements, Part I: Prices And Unemployment
Section: Chapter Questions
Problem 9WNG
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Question
The table below shows the CPI and the nominal
January 2015 | January 2023 | |
---|---|---|
CPI | 235 | 300 |
Big Mac | $4.79 | $5.81 |
By what percentage did the real price of a Big Mac change between January 2015 and January 2023?
- Use positive numbers to indicate an increase and a negative number to indicate a decrease.
- Do not increase the "%" symbol in the box.
- Include 2 decimal places in your answer.
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