Suppose that a typical professor earned 49000 in 1955. In addition, you know that in 1997 a

Fantastic news! We've Found the answer you've been seeking!

Question:

Suppose that a typical professor earned 49000 in 1955. In addition, you know that in 1997 a typical professor earns 81000. Finally, you also know that the CPI in 1955 is 220 and in 1997 is 240.

Given this information, professor's 1955 salary in 1997 dollars is?

Related Book For answer-question

Microeconomics

ISBN: 978-1464187025

2nd edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

See More Books

Posted Date: Jan 19, 2024 02:02 AM

See More Questions

Suppose that a typical consumer has an inverse demand for frog's legs given by the following: P = 3/QD. A graph of that inverse demand curve is given in the figure to the right. Show that the demand...
Charlie was hired by Ajax this year as a corporate executive and a member of the board of directors. During the current year, Charlie received the following payments or benefits paid on his behalf....
Suppose that a typical taxpayer has a marginal personal income tax rate of 35 percent. The nominal interest rate is 13 percent, and the expected inflation rate is 8 percent. a. What is the real...
Find the exact value of sin(x - y) if sin(x) = 3T 3T T
On June 2, 2015, Lokar Corporation purchases a patent for $68,000 from the inventor of a new extrusion process. The patent has 12 years remaining on its legal life. Also, Lokar purchases...
An electric switch manufacturing company has to choose one of three different assembly methods. Method A will have a first cost of $40,000, an annual operating cost of $9000, and a service life of 2...
Is the Internal Revenue Code responsible for the backdating problem? Did Code Sec. 162(m), which restricts the deductibility of nonperformance-based executive compensation to $\$ 1$ million, cause...
You would like to start a business manufacturing a unique model of bicycle helmet. In preparation for an interview with the bank to discuss your financing needs, you develop answers to the following...
On January 1, 2018, ZARA Corp. issues $100 million of convertible bonds at par value. The bonds have a stated annual interest rate of 6%, pay interest semiannually, and come due December 31, 2022....
Jackson et al. (1987) compared the precision of systematic and stratified sampling for estimating the average concentration of lead and copper in the soil. The 1-km2 area was divided into 100-m...
Consider a 10-year bond with a face value of $1,000, a coupon rate of 6 percent (with semi-annual coupon payments), and a yield-to-maturity of 7 percent per annum. a) What is the market price of the...
Jan 1 inventory 50 units at 106$ Mar 10 purchase 60 units at 108$ Aug 30 purchase 20 units 126 Dec 12 purchase 70 units 130 There are 80 units of the item in the physical inventory at December 32...
Suppose the premium on a 6 - month 9 5 0 - strike S&R call is $ 1 2 0 . 4 1 and the premium on a put with the same strike price is $ 5 1 . 7 8 , while the premium on a 6 - month 1 0 0 0 - strike S&R...
Excerpts from Andre Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity...
If a business manager deposits $12,000 in a savings account at the end of each year for twenty years, what will be the value of her investment: a. at a compounded rate of 12 percent? b. at a...
XYZ Ltd. is manufacturing three household products A, B and C and selling them in a competitive market. Details of current demand, selling price and cost structure are given below : A BC Expected...
a. Calculate the standard hours per month. b. Determine the required FTEs with fringe benefits.
A survey of 70 college freshmen asked whether students planned to take biology, chemistry, or physics during their first year. Use the diagram to answer each question. How many of the surveyed...
Some policy makers have claimed that the U.S. government should purchase illegal drugs, such as cocaine, to increase the price that drug users will face and therefore reduce their consumption. Does...
Janis is one producer in the perfectly competitive pearl industry. Janis's cost curves are shown on the right. Pearls sell for $100, and in maximizing profits, Janis produces 1,000 pearls per month....
Suppose the demand for down pillows is given by QD = 100 - P, and that the supply of down pillows is given by QS = - 20 + 2P. a. Solve for the equilibrium price. b. Plug the equilibrium price back...
7. Roger Schlafly applied for a patent for two prime numbers. (A prime number cannot be evenly divided by any number other than itself and 1. For example: 1, 2, 3, 5, 7, 11, 13.) Schlafly's numbers...
10. Babe Ruth was one of the greatest baseball players of all time. After Ruth's death, his daughters registered the words "Babe Ruth" as a trademark. MacMillan, Inc., published a baseball calendar...
9. Question: Aman asked a question of the advice columnist at his local newspaper. His wife had thought of a clever name for an automobile. He wanted to know if there was any way they could own or...

Suppose that a typical professor earned 49000 in 1955. In addition, you know that in 1997 a

Question:

Expert Answer:

To calculate the professors 1955 salary in 1997 dollars we need to adjust f... View the full answer

Microeconomics

Students also viewed these economics questions