Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A pair of school shoes cost Rs.150 in 1970 and Rs.1800 in 2018. The average wage rate was Rs.32 per hour in 1970 and Rs.352
A pair of school shoes cost Rs.150 in 1970 and Rs.1800 in 2018. The average wage rate was Rs.32 per hour in 1970 and Rs.352 in 2018.
a. By what percentage did the price of shoes and wage rate increase over the whole period and over a year on the average?
b. Did workers' purchasing power in terms of shoes rise or fall?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started