6. A single copy of the Ottawa Citizen cost $0.10 to purchase in 1970 and $0.50 in...

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6. A single copy of the Ottawa Citizen cost $0.10 to purchase in 1970 and $0.50 in 1990. The average wage in manufacturing was $3.01 per hour in 1970 and $14.19 in 1990.

a. By what percentage did the price of a newspaper rise?

b. By what percentage did the wage rise?

c. In each year, how many minutes does a worker have to work to earn enough to buy a newspaper?

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

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Principles Of Macroeconomics

ISBN: 9780176591977

7th Canadian Edition

Authors: N. Mankiw, Ronald Kneebone, Kenneth McKenzie

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Question Posted: Sep 28, 2024 07:02 AM

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6. A single copy of the Ottawa Citizen cost $0.10 to purchase in 1970 and $0.50 in...

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Principles Of Macroeconomics

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