A dozen eggs cost \$0.88 in January 1980 and \$2.11 in January 2015. The average wage for production workers was \$7.58 per hour in January 1980 and \$19.64 in January 2015. a. By what percentage did the price of eggs rise? b. By what percentage did the wage rise? c. In each year, how many minutes did a worker have to work to earn enough to buy a dozen eggs? d. Did workers' purchasing power in terms of eggs rise or fall?
Added by Shawn L.
Step 1
11 - $0.88) / $0.88) * 100 Percentage increase = ($1.23 / $0.88) * 100 Percentage increase ≈ 139.77% So, the price of eggs rose by approximately 139.77%. b. Show more…
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