Question
In 1976, tuition was 1935$ a year and there was a 2.50$ minimum wage in California (8676$ and 11.37$ when adjusted to 2020 dollars). In
In 1976, tuition was 1935$ a year and there was a 2.50$ minimum wage in California (8676$ and 11.37$ when adjusted to 2020 dollars). In 2020 tuition was 21337$ a year with 13$ minimum wage.
- What is the average rate of change in tuition when adjusted for inflation?
- What is the average rate of change in the minimum wage when adjusted for inflation?
- How many hours would someone have to work on minimum wage to pay tuition in 1976 vs 2020?
- If tuition had not changed, how many hours would someone have to work on present day minimum wage?
- If we were to graph tuition and minimum wage, would these constitute a function?
- If not, then why?
- If so, what would the domain be and possible outputs? Give an example of a value not in the domain and another that is not in the range.
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To calculate the average rate of change in tuition when adjusted for inflation we can use the formula final value initial value initial value 100 Usin...Get Instant Access to Expert-Tailored Solutions
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Microeconomics An Intuitive Approach with Calculus
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