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Question
An engineer in 1950 was earning a $6,000 a year. Today she earns$60,000 a year. However, on average, goods today cost 8.8 times what they did in 1950. What is her real income today in terms of constant 1950 dollars?
Solution
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1 of 5In this problem, we are tasked to determine the real income today of an engineer in 1950.
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