Essentials of Economics (MindTap Course List)
7th Edition
ISBN: 9781285165950
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 16, Problem 7PA
Subpart (a):
To determine
Calculation of percentage rise in
Subpart (b):
To determine
Calculation of percentage rise in wage.
Subpart (c):
To determine
Calculation of time spends.
Subpart (d):
To determine
Changes in
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8. The price of oil in 2005 was 5067 per barrel. "This price is still lower than the
price of oil in 1991" says a government publication. If inflation has averaged
3.2% per year from 1991 to 2020, what was the price per barrel of oil in
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The New York Times cost $0.15 in 1970 and $2.00 in 2011. The average wage in manufacturing was $3 per hour in 1970 and $15 in 2011.By what percentage did the price of a newspaper rise?
Pete is a student who spends 10 percent of his expenditure on books and supplies, 30 percent on tuition, 30 percent on
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The price index for each item was 100 in 2009.
The table shows the price indexes in 2019.
Item
Price index in 2019
Books and supplies
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Rent
159.0
Food and drink
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Transportation
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92.9
What is Pete's CPI in 2019?
Pete's CPI in 2019 is
>>> Answer to 1 decimal place.
[Hint: The contribution of each item to the CPI is its price weighted by its share of total expenditure.]
Chapter 16 Solutions
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