Assume Fred earned $10,450 in 1950, while Barney earned 18,397 in 1960. What would be Fred’s...
Assume Fred earned $10,450 in 1950, while Barney earned 18,397 in 1960. What would be Fred’s Real income expressed in 1960 prices? Show work and explain. CPI is not given.
Homework Answers
Ans
1.23 in 1960 was equal to 1 in 1950.see cpi figures of usa. So the answer =10450(1.23)=12835.5
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Assume Fred earned $10,450 in 1950, while Barney earned 18,397
in 1960. What would be Fred’s...
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