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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 20, Problem 2TY
Textbook Problem
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Since the official poverty line was set at $3,000 in 1964, prices have risen by about a factor of 8. If the poverty line was adjusted only for inflation, what would it be now? How does that compare with the actual poverty line?

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