A dozen eggs cost $1.20 in January 1980 and $1.77 in January 2018. The average hourly wage for production and nonsupervi
Posted: Wed Mar 09, 2022 8:30 am
A dozen eggs cost $1.20 in January 1980 and $1.77 in January
2018. The average hourly wage for production and nonsupervisory
workers was $7.52 in January 1980 and $23.36 in January 2018.
a. By what percentage did the price of eggs rise? By what
percentage did the wage rise?
b. In each year, how many minutes did a worker have to work to
earn enough to buy a dozen eggs?
c. Did workers’ purchasing power in terms of eggs rise or
fall?
2018. The average hourly wage for production and nonsupervisory
workers was $7.52 in January 1980 and $23.36 in January 2018.
a. By what percentage did the price of eggs rise? By what
percentage did the wage rise?
b. In each year, how many minutes did a worker have to work to
earn enough to buy a dozen eggs?
c. Did workers’ purchasing power in terms of eggs rise or
fall?