In 1970, the price of a Big Mac was $0.50. Use the information in the table below to find the price of a Big Mac in 2006 dollars. Year CPI 38.8 1970 2006 201.6 Source: Bureau of Labor Statistics. Base year=1962-84. The value of a 1970 Big Mac in 2006 dollars is $. (Round your answer to two decimal places.) The actual price of a Big Mac in 2006 was approximately $2.99. Thus the price of Big Macs has risen the cost of living.

In 1970, the price of a Big Mac was $0.50. Use the information in the table below to find the price of a Big Mac in 2006 dollars. Year CPI 38.8 1970 2006 201.6 Source: Bureau of Labor Statistics. Base year=1962-84. The value of a 1970 Big Mac in 2006 dollars is $. (Round your answer to two decimal places.) The actual price of a Big Mac in 2006 was approximately $2.99. Thus the price of Big Macs has risen the cost of living.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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