Question
An engineer in 1950 was earning $5,300 a year. Today she earns $53,000 a year. However, on average, goods today cost 8.1 times what they
An engineer in 1950 was earning $5,300 a year. Today she earns $53,000 a year. However, on average, goods today cost 8.1 times what they did in 1950. What is her real income today in terms of constant 1950 dollars? (Round your answer to 2 decimal places.)
| Today's real income | $ |
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Public Finance
Authors: Steven G. Medema, Carl Sumner Shoup
1st Edition
0202307859, 978-0202307855
