The table below shows the CPI and the nominal price of a Big Mac in January 2015 and January 2023. January 2015 January 2023 CPI 235 300 Big Mac $4.79 $5.81 By what percentage did the real price of a Big Mac change between January 2015 and January 2023? Use positive numbers to indicate an increase and a negative number to indicate a decrease. Do not increase the "%" symbol in the box. Include 2 decimal places in your answer.
The table below shows the CPI and the nominal price of a Big Mac in January 2015 and January 2023. January 2015 January 2023 CPI 235 300 Big Mac $4.79 $5.81 By what percentage did the real price of a Big Mac change between January 2015 and January 2023? Use positive numbers to indicate an increase and a negative number to indicate a decrease. Do not increase the "%" symbol in the box. Include 2 decimal places in your answer.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Measuring The Cost Of Living
Section: Chapter Questions
Problem 6PA
Related questions
Question
The table below shows the CPI and the nominal
January 2015 | January 2023 | |
---|---|---|
CPI | 235 | 300 |
Big Mac | $4.79 | $5.81 |
By what percentage did the real price of a Big Mac change between January 2015 and January 2023?
- Use positive numbers to indicate an increase and a negative number to indicate a decrease.
- Do not increase the "%" symbol in the box.
- Include 2 decimal places in your answer.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning