Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Bureau of Labor and Statistics looks at how the average cost of presctipion drugs has changed over time. When calculating the average cost, they
The Bureau of Labor and Statistics looks at how the average cost of presctipion drugs has changed over time. When calculating the average cost, they take into account any money spent by the consumer, the pharmacy, and third-parties (like insurance). The average price for prescription drugs in 1969 was $46.60. In 2020 it was $532.09. The CPI factor in 1969 is 36.7 and the CPI factor in 2020 is 258.8. Convert the 1969 price to constant 2020 dollars. The 1969 price of prescription drugs in 2020 constant dollars is
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