Suppose the median household earned $9,243 in 1976 and $52,765 in 2016. During that time, also suppose the CPI rose from 48.2 to 214.68. Instructions: Round your answers to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was: b. The total growth rate in real median household income from 1976 to 2016 was:
Suppose the median household earned $9,243 in 1976 and $52,765 in 2016. During that time, also suppose the CPI rose from 48.2 to 214.68. Instructions: Round your answers to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was: b. The total growth rate in real median household income from 1976 to 2016 was:
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Measuring The Cost Of Living
Section: Chapter Questions
Problem 6CQQ
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