Question
The nominal price (per pound) of apples for each year is shown in the timeline below. What is the real price of apples in year
The nominal price (per pound) of apples for each year is shown in the timeline below.
What is the real price of apples in year 2002 (as seen from year 2001).
Calculate your answer to the nearest penny (e.g., 3.81)
| Year | 2001 | 2002 | 2003 | 2004 |
| Nominal Price | $2.46 | $2.51 | $2.64 | $2.76 |
| Price Level | 152 | 155 | 157 | 159 |
| Price Adjustment | ||||
| Real Price |
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Personal Finance
Authors: Jack R Kapoor, Glencoe McGraw Hill, Les R Dlabay, Robert J Hughes
1st Edition
0078698006, 9780078698002
