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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 32 times)

Chelseaamend

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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.


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frankwu0507

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Reply #1 on: Jul 1, 2018
Answer to Question 1

38.8(2.25)/163 = 0.54.

Answer to Question 2

E


Chelseaamend

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

scottmt

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Reply 3 on: Yesterday
:D TYSM

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