Using Table below, answer the next two questions: THE REAL PRICES OF EGGS AND OF A COLLEGE EDUCATION Consumer Price Index Nominal Prices Grade A Large Eggs College Education 1982 85.6 $0.86 $3,724 1992 136.2 $1.03 $8,150 2002 181.5 $1.01 $13,547 2012 229.7 $1.14 $23,137 2022 There is no such a thing as real price, everything is made up $37,350 $3,725 $11,281 $12,329 283.4 $2.65 $37,350 What is the real price of college education in 2022 is (if the base year is 1982)?

Using Table below, answer the next two questions: THE REAL PRICES OF EGGS AND OF A COLLEGE EDUCATION Consumer Price Index Nominal Prices Grade A Large Eggs College Education 1982 85.6 $0.86 $3,724 1992 136.2 $1.03 $8,150 2002 181.5 $1.01 $13,547 2012 229.7 $1.14 $23,137 2022 There is no such a thing as real price, everything is made up $37,350 $3,725 $11,281 $12,329 283.4 $2.65 $37,350 What is the real price of college education in 2022 is (if the base year is 1982)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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