Essay
The nominal price of a 1990 laptop was $3,500 and the CPI that year was 130.7. The nominal price of a laptop in 2010 was $600 and the CPI that year was 218.1. What is the real price of a 2010 laptop in terms of 1990 dollars? By what percent has the real price of laptops changed?
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130.7($600)/218.1 = ...View Answer
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Correct Answer:
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View Answer
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