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Suppose that the year you were born someone bought $100 of goods and services for your baby shower. How much would you guess it would cost today to buy a similar amount of goods and services? Now find data on the CPI and compute the answer based on it. (You can find the BLS's inflation calculator here: http://www.bls.gov/data/inflation_calculator.htm).

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Chapter 24

Measuring the Cost of Living

Markets and Welfare

The Economics of Labor Markets

The Data of Macroeconomics

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Suppose that the year you …

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for the move to the answer. So let's see here. That's supposed the baby shower Was taken in 1992. According to the inflation calculator on BLS website. The $100 in 1992 in the word $1.60.3 In 2011. So we can also calculate by hand the formula for turning dollar figures From er into two days dollars is the following. So here's the formula Dad amount in today's dollar is equal to a mountain arts dollar into price level today. Bye price level in art. So let's apply this formula to the baby showers gift according to the table named all urban consumers. C. P. I. You published on BLS website We can find a c. for 1992 was 140.3 and 224 points 939 4 2011. So here is gift in 2011 Is equal to give 10, Into price level in 2011. Bye Price Level in 1992. So here is a 100 into 224 939 by 140.3 which is equal to 160 $0.3. So we find that the gift of $100 In 1992 is equivalent who are gift in 2011 Of over $160. The desert we calculated is the same as mhm. What we got from the inflation calculator. So here is the definition and the solution that supposed the baby shower was taken in 1992 according to the inflation calculator on BLS website. The $100 in 1919 92 is worth $160.3 in 2011. We can also calculate by hand the formula for turning dollar figures from your t into two days dollars is the following. So the formula is a mountain to this dollar is equal to a mountain E. R. T. S. Dollar into price level today by price level in E. R. T. So let's apply this formula to the baby shower gifts according to the table named all urban consumers. Cp. I. You published on BLS website. We can find the C. P. I. Of 1992 was 140.3 And 224.939 for 2011. So the gift in 2011 is equal to gift in 1992 into price level in 2011 by price level in 1992. So here is 102, by 140.3 which is equal to $150.3. So we can find that the $100 in 1992 is equivalent to a gift in 2011. Of over $160. The desert is calculated is the same as we got from the inflation calculator. So I hope you better. and just trying to fool definition solution. So for any further curious and doubts, I'm therefore help. So thank you.

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