A dozen eggs cost $0.88 in January 1980 and $2.11 in January 2015. The average wage for

Question:

A dozen eggs cost $0.88 in January 1980 and $2.11 in January 2015. The average wage for production workers 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 worker have to work to earn enough to buy a dozen eggs?

d. Did workers' purchasing power in terms of eggs rise or fall?

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

Step by Step Answer:

Related Book For book-img-for-question

Principles of Economics

ISBN: 978-1305585126

8th edition

Authors: N. Gregory Mankiw

See More Books

Question Posted: Aug 04, 2017 09:44 AM

See More Questions

Nemad Company decided to adopt a standard cost system. The production manager wanted to set standards to use during the next year for the production of selector lever assemblies. Each assembly...
At the beginning of the year, Paxton Company budgeted overhead of $180,000 as well as 15,000 direct labor hours. During the year, Job K456 was completed with the following information: direct...
At the beginning of the year, Smith Company budgeted overhead of $129,600 as well as 13,500 direct labor hours. During the year, Job K456 was completed with the following information: direct...
When working as a tax professional, one issue that often arises is the need to provide difficult or disappointing guidance to a client. In the following example, determine the best course of action....
A plane object has moment of inertia I about its center of mass. When pivoted at point P1, as shown in Figure 14-33, it oscillates about the pivot with a period T. There is a second point P2 on the...
For the reaction system of Example 9.4 (a) Find needed for 60% conversion of reactant using the optimal temperature progression in the plug flow reactor. (b) Also find the exit temperature of fluid...
A centrifugal fan operating in a duct has the dimensionless parameters \[ C_{Q}=\frac{Q}{\omega D^{3}} \quad \text { and } \quad C_{H}=\frac{\Delta p}{ho \omega^{2} D^{2}} \] where $C_{Q}$ is a...
On January 1, 2016, Hardy Company had a balance of $150,000 in its Common Stock account. During 2016, Hardy paid $20,000 to purchase treasury stock. Treasury stock is accounted for using the cost...
There is an evil scientist. He produces deadly chemicals and stores them in a bottle. The storage bottle has a diameter of 30 cm. The procedure for creating these chemicals creates a particle with a...
Your Starburst candy has 12 pieces, three pieces of each of four flavors: berry, lemon, orange, and cherry, arranged in a random order in the pack. You draw the first three pieces from the pack. (a)...
A small nation of ten people idolizes the TV show The Voice. All they produce and consume are karaoke machines and CDs, in the following amounts: a. Using a method similar to the CPI, compute the...
The International Property Right Index scores countries based on the legal and political environment and how well property rights are protected. Go online and find a recent ranking. Choose three...
What is the difference between the short-run aggregate supply curve and the long-run aggregate supply curve? Are they ever the same?
In the realm of process intensification, what are the key strategies for enhancing the efficiency of reactive distillation systems, particularly in the context of intricate chemical reaction networks...
What type of accounting involves reporting summary information to people outside an organization?
How to forecast the future exchange rate in the short and long term? Please indicate what factors are relevant, what variables, condition and assumption should be considered. Please be brief and go...
In the financial markets of emerging countries, derivative financial instruments are underdeveloped because there are not enough assets that act as underlyings. How true is this statement?
You can toggle the Indicator from the bulb to the voltage gauge. 6. Increase or decrease the Loop Area How does Loop Area affect the current flow? Describe the effect and provide a plausible...
Carbon dioxide contributes to global warming because the triatomic CO 2 molecule exhibits many vibrational and rotational excited states, and transitions among them occur in the infrared region where...
If a and b are positive numbers, find the maximum value of f ( x ) = x a (9 x ) b on the interval 0 x 9.
In the 1990s and the first decade of the 2000s, investors from the Asian economies of Japan and China made significant direct and portfolio investments in the United States. At the time, many...
In many developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead...
In many developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead...
The sheet Inventory lists a grocery store's inventory for two months. Calculate the percent change for each item to two decimal places. If the formula gives an error, put "Initial Stock" in the cell....
A local manufacturer produces two different products on the same production line. Product A requires .5 hours of labor while product B requires .8 hours of labor. The total labor available in any one...
Hampton Company reports the following information for its recent calendar year. Income Statement Data Sales Expenses: Cost of goods sold Salaries expense Depreciation expense Net income Required:...

A dozen eggs cost $0.88 in January 1980 and $2.11 in January 2015. The average wage for

Question:

Step by Step Answer:

a 211 088088 100 140 b 1964 7587...View the full answer

Principles of Economics

Students also viewed these Economics questions