9. The Nominal Price of a gallon of juice is $0.25 (in Year 1978) and $1.35 (in Year 2009). The CPI is 56.9 (in Year 1976) and 212.7 (in Year 2009). Measured in terms of the general level of prices in 2009, derive the real price of a gallon of juice for the years 1978. (2.d.p.) [Remark]
9. The Nominal Price of a gallon of juice is $0.25 (in Year 1978) and $1.35 (in Year 2009). The CPI is 56.9 (in Year 1976) and 212.7 (in Year 2009). Measured in terms of the general level of prices in 2009, derive the real price of a gallon of juice for the years 1978. (2.d.p.) [Remark]
Chapter17: Inflation
Section: Chapter Questions
Problem 5SQ
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![9. The Nominal Price of a gallon of juice is $0.25 (in Year 1978) and $1.35 (in Year 2009). The CPI is
56.9 (in Year 1976) and 212.7 (in Year 2009). Measured in terms of the general level of prices in 2009,
derive the real price of a gallon of juice for the years 1978. (2.d.p.) [Remark]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d49a1bf-def0-472f-94db-660c9693a140%2F6bdef8fd-060a-4924-8115-59435768cf8e%2Fbhd8goa_processed.png&w=3840&q=75)
Transcribed Image Text:9. The Nominal Price of a gallon of juice is $0.25 (in Year 1978) and $1.35 (in Year 2009). The CPI is
56.9 (in Year 1976) and 212.7 (in Year 2009). Measured in terms of the general level of prices in 2009,
derive the real price of a gallon of juice for the years 1978. (2.d.p.) [Remark]
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