The New York Times cost $0.15 in 1970 and $0.75 in 2000. The average wage in manufacturing

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The New York Times cost $0.15 in 1970 and $0.75 in 2000. The average wage in manufacturing was $3.23 per hour in 1970 and $14.32 in 2000.

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: 9780324589993

5th Edition

Authors: N. Gregory Mankiw

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Question Posted: Sep 27, 2024 10:01 AM

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The New York Times cost $0.15 in 1970 and $0.75 in 2000. The average wage in manufacturing

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Principles Of Macroeconomics

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