Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 24 - Part VIII - Measuring the Cost of Living - Problems and Applications - Page 519: 1

Answer

Answers may vary. My initial estimate would be 415 dollars (with a base year of 1989). The BLS calculator shows that 100 dollars in September 1989 would have the same purchasing power as 204.87 dollars in May 2019.

Work Step by Step

For this problem, we will use the base year of 1989. The BLS calculator asks for a month, so we will use September 1989. Also, data for the BLS calculator was not available for June 2019, so we use May 2019 data.
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