ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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68.54
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$68.74
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$55.58
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$5.68
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Detailed explanation-1: -The real cost to make a $70.00 shoe is about $15.00.
Detailed explanation-2: -The formula for inflation adjustment As we have seen, you can adjust for inflation by dividing the data by an appropriate Consumer Price Index and multiplying the result by 100.
Detailed explanation-3: -To calculate the Price Index, take the price of the Market Basket of the year of interest and divide by the price of the Market Basket of the base year, then multiply by 100.
Detailed explanation-4: -Gather prices for common products or services in the past. Collect prices for current products or services. Add the product prices together. Divide the current product price total by the past price total. Multiply the total by 100. Convert this number into a percentage. 13-Jan-2021