Price of petrol was Rs. 60 per litre in 2015 and Rs. 100 per litre in 2021. The average wage in manufacturing was Rs. 240 per hour in 2015 and 300 in 2021. By what percentage did the price of a litre of petrol rise? By what percentage did the wage rise? In each year, how many hours does a worker have to work to earn enough to buy 10 litres of petrol? Did workers’ purchasing power in terms of petrol rise or fall?
Price of petrol was Rs. 60 per litre in 2015 and Rs. 100 per litre in 2021. The average wage in manufacturing was Rs. 240 per hour in 2015 and 300 in 2021. By what percentage did the price of a litre of petrol rise? By what percentage did the wage rise? In each year, how many hours does a worker have to work to earn enough to buy 10 litres of petrol? Did workers’ purchasing power in terms of petrol rise or fall?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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- By what percentage did the price of a litre of petrol rise?
- By what percentage did the wage rise?
- In each year, how many hours does a worker have to work to earn enough to buy 10 litres of petrol?
- Did workers’
purchasing power in terms of petrol rise or fall?
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