Need help with an Economic Discussion Question
Dr. Evil was frozen in 1967, and being frozen for thirty years causes Dr. Evil to underestimate how much ransom money he should ask for. But just how much did the price level rise over those thirty years?
The Consumer Price Index (CPI) is just one price index that we use to measure inflation. The CPI was 33.4 in 1967 and 160.5 in 1997. Dividing 160.5 by 33.4 yields a factor of 4.8, so if Dr. Evil thought that one million dollars was a lot of money in 1967, an equivalent amount in 1997 would be $4.8 million. Imagine if you were cryogenically frozen in the 1960s and revived 30 years later. Changes in societal behavior, advances in technology, and even higher prices would all come as a shock to you! Find the price of a product in the past. You can search various websites for historical prices of popular products. One possibility is Historic Food Prices. Use the following Bureau of Labor Statistics table, which shows all the annual average CPIs for all years since 1913, to convert the price of the product you chose to the most recent dollar amount, as we did with Dr. Evil’s $1 million. Make sure you also address the following questions:
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper Nowa) How does inflation affect our economy and the people in it?
b) Who does it hit the hardest?
c) How can you protect yourself against inflation?
Thanks for installing the Bottom of every post plugin by Corey Salzano. Contact me if you need custom WordPress plugins or website design.
The post Need help with an Economic Discussion Question first appeared on https://nursingessayswriters.com.
Need help with an Economic Discussion Question was first posted on September 20, 2020 at 2:24 pm.
©2019 "Submit Your Assignment". Use of this feed is for personal non-commercial use only. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. Please contact me at support@nursingessayswriters.com
“Are you looking for this answer? We can Help click Order Now”
The post Need help with an Economic Discussion Question first appeared on Nursing Essays Writers.
