Ask Question, Ask an Expert


Ask Microeconomics Expert

The Ottawa Citizen cost $0.10 in 1970 and $0.50 in 1990. The average wage in manufacturing was $3.01 per hour in 1970 and $14.19 in 1990.

a) By what percentage did the price of a newspaper rise?

b) By what percentage did the wage rise?

c) In each year, how many minutes does a worker have to work to earn enough to buy a newspaper?
To earn 3.01$ he needs to work for 60 mins
To earn 0.1 $ he needs to work for (60/3.01)*.1 = 1.9933 mins in 1970
By the same logic, he needs to work (60/14.19)*.5 = 2.1142 mins in 1990

d) Did workers' purchasing power in terms of newspapers rise or fall?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946406
  • Price:- $35

Guranteed 24 Hours Delivery, In Price:- $35

Have any Question? 

Related Questions in Microeconomics

Assignmentdoes your organization have a project portfolio

Assignment Does your organization have a project portfolio management process in place? Write 1100 words in APA format in response Think of a project that you have worked on. Suppose your team and any contractors associa ...

Microeconomics - cost elements of a businessassignmentin

Microeconomics - Cost Elements of a Business Assignment In this Assignment, you will define and calculate the remaining six major cost elements of a business, when given the Total Costs and the Quantity Produced, as well ...


Discussion questionthe value of teams in strategic


Assignment external financinggenesis energys newly

Assignment: External Financing Genesis Energy's newly established operations management team decided to seek outside assistance in developing a long-term operating plan that also addresses the financial issues identified ...

Assignment submit research paper draftthe research paper on

Assignment: Submit Research Paper Draft The research paper on the toll that alternative forms of tobacco have on the supply and demand of the tobacco industry. This would include e-vapors and e-cigs. Finding out if these ...

Assignmentafter reading chapters 1-3 of shanes finding

Assignment After reading chapters 1-3 of Shane's Finding Fertile Ground, refer back to Table 1.1: Percent of New Firms in Selected Industries That Have Become Inc 500 Firms(p. 3). Identify two specific companies by name: ...

Assignmenta positive guest experience is mainly the result


Questions -q1 consider the market for a course of

Questions - Q1. Consider the market for a course of antibiotics. Suppose the supply of antibiotics follows P = 5 + 2Q S and the demand follows P = 20 - 20 D . Here, Q represents antibiotics, denominated in millions of un ...

Question 1nbspgiven the following chart answer the

Question 1  Given the following chart answer the questions below, assuming that all resources and technology are fixed for this farm. Corn(bu) Soybeans(bu) 20,000 0 16,000 5000 12,000 9000 8,000 12,000 4,000 14,000 0 15, ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment


Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of


What is marketingbullwhat is marketing think back to your


Question -your client david smith runs a small it


Inspection of a random sample of 22 aircraft showed that 15


Effective hrmquestionhow can an effective hrm system help
