Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 24, Problem 7PA

Subpart (a):

To determine

Calculation of percentage rise in price.

Subpart (b):

To determine

Calculation of percentage rise in wage.

Subpart (c):

To determine

Calculation of time spends.

Subpart (d):

To determine

Changes in purchasing power of newspaper.

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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?
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