. Let the base year used for calculating CPI be 2010. . CPI in 2019 equals 127. What nominal amount in 2019 has the same purchasing power as receiving $7000 in the 2010?

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter5: National Income Accounting
Section: Chapter Questions
Problem 6E
icon
Related questions
Question
10
please give me correct answer as soon as
possible
• Let the base year used for calculating CPI be 2010.
• CPI in 2019 equals 127.
What nominal amount in 2019 has the same purchasing power as receiving $7000 in the 2010?
Do not enter the $ sign. Round to one decimal place.
Transcribed Image Text:please give me correct answer as soon as possible • Let the base year used for calculating CPI be 2010. • CPI in 2019 equals 127. What nominal amount in 2019 has the same purchasing power as receiving $7000 in the 2010? Do not enter the $ sign. Round to one decimal place.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Current Account
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning