Question

7. Problems and Applications Q7 A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for workers in private industries was $14.28 per hour in December 2000 and $21.26 in December 2015. By what percentage did the price of a dozen eggs rise? 65% 179% 186% By what percentage did the wage rise? 15% 49% 134% In order to earn enough to buy a dozen eggs, a worker had to work minutes in December 2000 and minutes in December 2015. Workers' purchasing power in terms of eggs between 2000 and 2015. g

Answer 1

Answer:

By what percentage did the price of a dozen eggs rise?

• [($2.75 - $0.96) / $0.96] x 100 = 186.46%

By what percentage did the wage rise?

• [($21.26 - $14.28) / $14.28] x 100 = 48.88%

In order to earn enough to buy a dozen eggs, a worker had to work 4.04 minutes in December 2000 and 7.76 minutes in December 2015.

• ($0.96 / $14.28) x 60 = 4.04 minutes
• ($2.75 / $21.26) x 60 = 7.76 minutes

Workers' purchasing power in terms of eggs between 2000 and 2015.

• purchasing power in terms of eggs in 2000 = 14.875 dozens of eggs per hour
• purchasing power in terms of eggs in 2015 = 7.76 dozens of eggs per hour