Which Professor Is Better Off? Suppose the starting salary for a new assistant economics professor was $20,000 in 1976 and $85,000 in 2014. The value of the CPI for 2014 was 236.7, compared to 56.9 in 1976. A newly-hired professor earned more in real terms in ( 1976 or 2014), with a real salary of $___ enter your response here. (Enter your response rounded to the nearest integer.)

Which Professor Is Better Off? Suppose the starting salary for a new assistant economics professor was $20,000 in 1976 and $85,000 in 2014. The value of the CPI for 2014 was 236.7, compared to 56.9 in 1976. A newly-hired professor earned more in real terms in ( 1976 or 2014), with a real salary of $___ enter your response here. (Enter your response rounded to the nearest integer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Month CPI January 281.93 February 284.18 March 287.71 April 288.66 The minimum wage was $1.60 in 1968. The CPI in December of 1968 was 35.6 and we have the data above for CPI values in 2022. What is the value of the 1968 minimum wage in April 2022 terms? Round your answer to two digits after the decimal without the dollar sign. Make sure you are using the correct base period.
In 1984 Michael Jordan got a contract with Nike that was worth $500,000 a year, for the next 5 years (1984-1988, inclusive). How much the contract would worth, year-by-year, if we express it in 2018 dollars? Use the following data for this calculation: Year 1984 1985 1986 1987 1988 2018 CPI 103.9 107.6 109.6 113.6 118.3 251.631
Suppose you needed $37,000 to maintain a particular standard of living in 1983. How much would you have needed in 2011 to maintain the same standard of living? Assume that all prices have risen at the same rate as the CPI. How much would you have needed? $ (Round to the nearest dollar.) (... Average Annual Consumer Price Index (CPI) (1982-1984-100) CPI CPI Year 124.0 1989 130.7 1990 1991 136.2 140.3 1992 1993 1994 144.5 148.2 1995 152.4 1996 156.9 1997 160.5 1998 163.0 1999 166.6 2000 172.2 Year 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 56.9 60.6 65.2 72.6 82.4 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 CPI 177.1 179.9 184.0 188.9 195.3 201.6 207.3 215.3 214.5 218.1 224.9 229.6
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16. David Rosner makes $49,200 per year as an editor. He was notified of a 4% raise in a year in which the CPI index increased by 2.8%. Find the gain or loss in his purchasing power.