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.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
Section: Chapter Questions
Problem 6PA
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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.
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