8. The price of oil in 2005 was 5067 per barrel. "This price is still lower than the price of oil in 1991" says a government publication. If inflation has averaged 3.2% per year from 1991 to 2020, what was the price per barrel of oil in 1991?
8. The price of oil in 2005 was 5067 per barrel. "This price is still lower than the price of oil in 1991" says a government publication. If inflation has averaged 3.2% per year from 1991 to 2020, what was the price per barrel of oil in 1991?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
Section: Chapter Questions
Problem 4QR
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