Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
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 $3.36 per hour in 1970 and $23.09 in 2011.By what percentage did the price of a newspaper rise?By what percentage did the wage rise?In each year, how many minutes did a worker have to work to earn enough to buy a newspaper?Did workers’ purchasing power in terms of newspapers rise or fall?
A dozen eggs cost $0.88 in January 1980 and $2.11in January 2015. The average wage for productionworkers was $7.58 per hour in January 1980 and$19.64 in January 2015.a. By what percentage did the price of eggs rise?b. By what percentage did the wage rise?c. In each year, how many minutes did a workerhave to work to earn enough to buy adozen eggs?d. Did workers’ purchasing power in terms of eggsrise or fall?
A dozen eggs costs $o.88 in January 1980 and 2.11 in January 2015. The average wage for production workers was $7.58per hour in January 1980 and $19.64 in January 2015
By what percentage did the price of eggs rise?
By what percentage did the wage rise?
In each year, how many minutes did a worker have to work to earn enough to buy a dozen eggs?
Did workers’ purchasing power in terms of eggs rise or fall?
Chapter 24 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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