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Car prices. If the price change of cars parallels the change in the CPI (see Table
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Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
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- The Oxford Dictionary defines the word nominal asa value that is “stated or expressed but notnecessarily corresponding exactly to the real value.[18]Develop a reasonable argument for why the termnominal rate is used to describe the annual percentagerate of an investment account that compoundsinterest.arrow_forwardWhat is the total effect on the economy of a government tax rebate of $500 to each household in order to stimulate the economy if each household will spend of the rebate in goods and services?arrow_forwardMeat and gasoline are two important components of the household budget in typical American homes, especially in lower income households. The figure below shows the evolution of average prices for Ground beef (per pound) and Gasoline (per gallon) for the 2001-2021 period in the United States. Average price data (in U.S. dollars), selected items Bananas, per lb. Bread, white, pan, per lb.. Chicken, fresh, whole, per lb. Eggs, grade A, large, per doz. Ground chuck, 100% beef, per lb. - Milk, fresh, whole, fortified, per gal. $6.00 $4.00 Lampions $2.00 $0.00 Aug 2001 Aug 2003 ...... A Aug 2005 Oranges, Navel, per lb. Tomatoes, field grown, per lb. Electricity per KWH Gasoline, unleaded regular, per gallon Utility (piped) gas per therm Aug 2007 Mummy Aug 2009 Aug 2011 Aug 2013 Aug 2015 Aug 2017 Aug 2019 Aug 2021 Hover over chart to view data. Note Shaded area represents recession, as determined by the National Bureau of Economic Research.. Source US. Bureau of Labor Statistics. Figure 1.…arrow_forward
- In 2014, the median salary nationwide for a high school teacher was $56,310 per year. The median annual wage for all workers was $35,540.SOURCE: United States. Department of Labor. "High School Teachers." Occupational Outlook Handbook. 17 Dec. 2015. Web. 7 March 2016. Suppose a worker makes $29,000 in wages per year. Find the percent increase in salary the worker can expect if he/she trains to be a teacher and can expect to earn a salary of $40,000. Enter your response to the nearest 0.1% %arrow_forwardPlease solve all the questions belowarrow_forwardAccording to data from the National Center for Educational Statistics, the median earnings for 2010 graduates with a bachelor’s degree was $47,970, while the same figure for graduates with an associate’s degree was $36,390. Assuming that difference remains relatively constant over a 30-year career, approximately how much more does a person with a bachelor’s degree earn than a person with an associate’s degree?arrow_forward
- The side-by-side bar graph available below shows the approximate average grade point average for the years 1991-1992, 1996-1997, 2001-2002, and 2006-2007 for colleges and universities. Complete parts (a) through (c) below. Click the icon to view the side-by-side bar graph. (a) Does the graph suggest that grade inflation is a problem in colleges? A. Yes, because the GPAS increased over time for all schools. B. No, because nothing can be concluded about individual GPAS from the averages. C. No, because the GPAS are different for each time period. D. Yes, because the GPAS are greater for private schools for every time period. (b) In public schools, the average GPA was 2.86 in 1991-1992 and 3.02 in 2006-2007. In private schools, the average GPA was 3.09 in 1991-1992 and 3.30 in 2006-2007. Determine the percentage increase in GPAs for public schools from 1991 to 2006. Determine the percentage increase in GPAs for private schools from 1991 to 2006. Which type of institution appears to have…arrow_forwardSuppose that a company has determined that a 70% experience curve accurately describes the evolution of its production costs for a new line. If the first unit costs $100 to produce, what should the 1,000th unit cost based on the experience curve?arrow_forward1) a) Compare the cost of an ordinary seat to the cost of a premium seat in 2003. You need to decide which comparison is the most informative. Consider absolute and relative change, perhaps with percentages. (b) Compare the cost of an ordinary seat to the cost of a premium seat in 2008. (c) Use your calculations to make a statement about the cost of ordinary seats compared to premium seats between 2003 and 2008.arrow_forward
- 11. in 2011 dollars, the price is how mucharrow_forwardMany factors influence the retail price of gasoline. Suppose the following table shows the average retail price for a gallon of regular grade gasoline for each year from 2011 through 2014. (Round your answers to one decimal place.) Year Average Price ($) 2011 3.526 2012 3.608 2013 3.505 2014 3.368 (a) Use 2011 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price index (b) Use 2012 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price indexarrow_forwardQuestions 9-10. Use the CPI table below to answer the questions. Annual CPI values 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 184.00 188.9 195.3 201.6 207.342 215.303 214.537 218.056 224.939 229.594 232.957 Ivy Tech Tuition was $88.15 per credit hour in 2006. Use the CPI values to determine what the school would be charging in 2013 if they only increased tuition based on inflation. (round to the nearest cent)arrow_forward
- Trigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage Learning
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