6. The New York Times cost $0.15 in 1970 and $0.75 in 1999. The average wage in...

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6. The New York Times cost $0.15 in 1970 and $0.75 in 1999.

The average wage in manufacturing was $3.35 per hour in 1970 and $13.84 in 1999.

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: 9780324171891

3rd Edition

Authors: N. Gregory Mankiw

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Question Posted: Sep 27, 2024 07:01 AM

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6. The New York Times cost $0.15 in 1970 and $0.75 in 1999. The average wage in...

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Principles Of Macroeconomics

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