A dozen eggs costs $o.88 in January 1980 and 2.11 in January 2015. The average wage for production workers was $7.58per hour in January 1980 and $19.64 in January 2015By what percentage did the price of eggs rise?By what percentage did the wage rise?In each year, how many minutes did a worker have to work to earn enough to buy a dozen eggs?Did workers’ purchasing power in terms of eggs rise or fall?

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Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Measuring The Cost Of Living

Section: Chapter Questions

Problem 7PA

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A dozen eggs costs $o.88 in January 1980 and 2.11 in January 2015. The average wage for production workers was $7.58per hour in January 1980 and $19.64 in January 2015
By what percentage did the price of eggs rise?
By what percentage did the wage rise?
In each year, how many minutes did a worker have to work to earn enough to buy a dozen eggs?
Did workers’ purchasing power in terms of eggs rise or fall?

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