This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The nominal price of milk was 2.25 in 1998 while the CPI was 163.0 that year. Also, the CPI in 1970 ... (Read 39 times)

Chelseaamend

  • Hero Member
  • *****
  • Posts: 545
on: Jul 1, 2018
The nominal price of milk was 2.25 in 1998 while the CPI was 163.0 that year. Also, the CPI in 1970 was 38.8. What was the real value of 1998 milk in terms of 1970 dollars?
 
  What will be an ideal response?

Question 2

Carolyn knows average total cost and average variable cost for a given level of output. Which of the following costs can she not determine given this information?
 
  A) total cost
  B) average fixed cost
  C) fixed cost
  D) variable cost
  E) Carolyn can determine all of the above costs given the information provided.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

frankwu0507

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jul 1, 2018
Answer to Question 1

38.8(2.25)/163 = 0.54.

Answer to Question 2

E


Chelseaamend

  • Member
  • Posts: 545
Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

sailorcrescent

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Why Different Constellations Are Visible at Different Times of the Year Why Different Constellations Are Visible at Different Times of the Year
Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
Using oil or lotion on your hands, squeeze/milk leg with twisting motion from ankle to thigh. ... Using oil or lotion on your hands, squeeze/milk leg with twisting motion from ankle to thigh. ...
Top Eleven Countries in Year 2009 According to Three Different Measures Top Eleven Countries in Year 2009 According to Three Different Measures
Kahan (Last Year) Kahan (Last Year)
Chinese Dragon new year 2024 Chinese Dragon new year 2024
Video: Phases of the ovarian cycle

For a complete list of videos, visit our video library