Additional Problems & Applications (Ch 11) <Back to Assignment Attempts: 7. Problems and Applications Q7 Keep the Highest: 14 A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for workers in private industries was $14.28 per hour in December 2000 and $21.26 in December 2015. By what percentage did the price of a dozen eggs rise? ? 65% ? 179% ? 186% By what percentage did the wage rise? ? 15% ? 49% ? 134% In order to earn enough to buy a dozen eggs, a worker had to work Workers' purchasing power in terms of eggs between 2000 and 2015. minutes in December 2000 and minutes in December 2015. Grade It Now Save & Continue Continue without saving
Added by Kevin H.
Close
Step 1
To do this, we subtract the initial wage from the final wage: $21.26 - $13.4 = $7.86. Therefore, the wage rose by $7.86 per hour. Show more…
Show all steps
Your feedback will help us improve your experience
Kamlesh Goyal and 86 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for workers in private industries was $14.28 per hour in December 2000 and $21.26 in December 2015. By what percentage did the price of a dozen eggs rise? (A) 65% (B) 179% (C) 186% By what percentage did the wage rise? (A) 15% (B) 49% (C) 134%
Haricharan G.
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?
Christopher D.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD