Essentials of Economics 7th Edition by Gregory Mankiw

Exercise 2

The New York Times cost $0.15 in 1970 and $2.00 in 2011. The average wage in manufacturing was $3.36 per hour in 1970 and $23.09 in 2011.
a. By what percentage did the price of a newspaper rise?
b. By what percentage did the wage rise?
c. In each year, how many minutes did a worker have to work to earn enough to buy a newspaper?
d. Did workers' purchasing power in terms of newspapers rise or fall?