Inflation and Money - End of Chapter Problem In 2003, Julia Roberts was paid a then-record shattering $25 million for her role in the film Mona Lisa Smile. The CPI that year was 184. In 2013, Sandra Bullock was paid $70 million for the film Gravity. The CPI in 2013 was 233. Round answers to two decimal places. a. Convert Julia Roberts' salary into 2013 dollars. $ b. Convert Sandra Bullock's salary into 2003 dollars. $ c. Which actress had higher real earnings? Julia Roberts million million Sandra Bullock

Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter11: Measuring The Cost Of Living
Section: Chapter Questions
Problem 4PA
icon
Related questions
Question
100%

Inflation and Money — End of Chapter Problem

Inflation and Money - End of Chapter Problem
In 2003, Julia Roberts was paid a then-record shattering $25 million for her role in the film Mona Lisa Smile. The CPI that year
was 184. In 2013, Sandra Bullock was paid $70 million for the film Gravity. The CPI in 2013 was 233.
Round answers to two decimal places.
a. Convert Julia Roberts' salary into 2013 dollars.
$
b. Convert Sandra Bullock's salary into 2003 dollars.
$
c. Which actress had higher real earnings?
Julia Roberts
million
million
Sandra Bullock
Transcribed Image Text:Inflation and Money - End of Chapter Problem In 2003, Julia Roberts was paid a then-record shattering $25 million for her role in the film Mona Lisa Smile. The CPI that year was 184. In 2013, Sandra Bullock was paid $70 million for the film Gravity. The CPI in 2013 was 233. Round answers to two decimal places. a. Convert Julia Roberts' salary into 2013 dollars. $ b. Convert Sandra Bullock's salary into 2003 dollars. $ c. Which actress had higher real earnings? Julia Roberts million million Sandra Bullock
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781305971509
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
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
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning