Question
Ethel purchased a bag of groceries in 1970 for $10. She purchased the same bag of groceries in 2019 for $25. If the price index
Ethel purchased a bag of groceries in 1970 for $10. She purchased the same bag of groceries in 2019 for $25. If the price index was 38.8 in 1970 and 190 in 2019, what's the price of a 1970 bag of groceries in 2019 prices?
- A.$5.11
- B.$190.00
- C.$48.97
- D.$38.80
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
Macroeconomics
Authors: Stephen d. Williamson
5th Canadian edition
133847144, 9780134604794 , 978-0133847147
