5.) Based on the following table, determine if these goods cost more now in real
ID: 1180155 • Letter: 5
Question
5.) Based on the following table, determine if these goods cost more now in real terms than they did in 1947. (You will need to find the CPI for 1947 and 2012. A good place to find this is www.bls.gov).
ITEM
1947 Price
2012 Price
a. U of Iowa tuition
$130
$5470
b. Gallon of gas
$0.23
$3.60
c. Phone call from NY to L.A.
$2.50
$0.25
d) 1 day hospital stay
$35
$2700
e) McDonald
ITEM
1947 Price
2012 Price
a. U of Iowa tuition
$130
$5470
b. Gallon of gas
$0.23
$3.60
c. Phone call from NY to L.A.
$2.50
$0.25
d) 1 day hospital stay
$35
$2700
e) McDonald
Explanation / Answer
ITEM
1947 Real Price
2012 Real Price
a. U of Iowa tuition
$582.95
$2383.13
b. Gallon of gas
$1.03
$1.56
c. Phone call from NY to L.A.
$11.21
$0.10
d) 1 day hospital stay
$35
$1176.31
e) McDonald
ITEM
1947 Real Price
2012 Real Price
a. U of Iowa tuition
$582.95
$2383.13
b. Gallon of gas
$1.03
$1.56
c. Phone call from NY to L.A.
$11.21
$0.10
d) 1 day hospital stay
$35
$1176.31
e) McDonald
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.