Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Using Exhibit 2, compute the percentage change in prices between (a) 1966 and 1969, (b) 1976 and 1986, and (c) 1990 and 1999.
(a)
The percentage change in prices.
Given the CPI in 1966 is 32.4 and the CPI in 1969 is 36.7.
The percentage change in prices can be calculated using Equation (1) as follows:
The percentage change in prices between 1966 and 1969 can be calculated by substituting the respective values in Equation (1)
(b)
The percentage change in prices.
(c)
The percentage change in prices.
Chapter 6 Solutions
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