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8090 [49]
3 years ago
9

Dave brags to his dad that his $45,000 starting salary as a computer programmer is much higher than his dad's $28,000 starting s

alary some years ago. If the consumer price index t year Dave begins work is 180.5 while the consumer price index the year his dad started work was 110.8, Dave is:_______.
A) correct; adjusting for price changes, his salary is more than his dad's salary
B) correct; adjusting for quantity changes, his salary is more than his dad's salary.
C) incorrect; adjusting for price changes, his salary is less than his dad's salary
D) incorrect; adjusting for quantity changes, his salary is less than his dad's salary.
Business
2 answers:
ivanzaharov [21]3 years ago
6 0

Answer:

Option C Incorrect; adjusting for price changes, his salary is less than his dad's salary  

Explanation:

Adjustment to price changes = (Amount received n years ago divided by Price Index n years ago) * Price Index today

Adjustment To price changes = ($28,000 / 110.8) * 180.5 = $45613.7

The amount $28,000 is worth $45,613.7 in todays value which means that if we adjust for price changes, Dave is incorrect because his salary is worth less by an amount $613.7 from his father's salary.

Ghella [55]3 years ago
6 0

Answer: C. incorrect adjusting for price changes, his salary is less than his dad's salary

Explanation:

We need to calculate the inflation rate and then adjust  Dad's salary

Inflation = (180.5 - 110.8)/110.8 = 0.629061371 = 62.91%

Dad's Salary adjusted for inflation = $ 28000 x 1.6291 =45614.80

Dad,s salary of $28000 years ago is higher than Dave's starting salary of $45000 t years ago

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An entrepreneur is a person who finds an economic opportunity in the market, and exploits it for his own benefit and the benefit of his employees and constomers by setting up a firm.

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Three characteristic of an entrepreneur:

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Work-ethic: entrepreneurship is a difficult task, especially during the first years of the company. It demands very long work hours, and the entrepreneur must be willing to do that in order to be successful.

Risk-taking: entrepreneurs should evaluate risk when taking decisions, but they should not be the most risk-averse indidivuals. They have to take risks in certain situations because otherwise, they would not be able to become entrepreneurs at all.

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