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Isa035
24.10.2019 •
Mathematics
"bill’s nominal income in 1990 was $1,009 per month. the cpi had a value of 149 in 1990 and had a value of 192 in 2017. what is bill’s real income in 1990, measured in base year dollars? enter a number rounded to two decimal places with no dollar sign"
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Ответ:
$677.18
Step-by-step explanation:
Data provided in the question:
Bill’s nominal income in 1990 = $1,009 per month
CPI value in the year 1990 = 149
CPI value in the year 2017 = 192
Now,
The Consumer price index ( CPI ) is given as :
CPI =![\frac{\textup{Cost of basket in the current year}}{\textup{Cost of basket in the base year}}\times100](/tpl/images/0343/9315/384c7.png)
thus,
for the given case of year 1990
149 =![\frac{\textup{1,009}}{\textup{Real income in the year 1990}}\times100](/tpl/images/0343/9315/d60d6.png)
or
Real income in 1990 =![\frac{\textup{1,009}}{\textup{149}}\times100](/tpl/images/0343/9315/199b0.png)
or
Real income in 1990 = $677.18
Ответ:
Step-by-step explanation: