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The Ottawa Citizen cost $0.10 in 1970 and $0.50 in 1990. The average wage in manufacturing was $3.01 per hour in 1970 and $14.19 in 1990.

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 does a worker have to work to earn enough to buy a newspaper?
To earn 3.01$ he needs to work for 60 mins
To earn 0.1 $ he needs to work for (60/3.01)*.1 = 1.9933 mins in 1970
By the same logic, he needs to work (60/14.19)*.5 = 2.1142 mins in 1990

d) Did workers' purchasing power in terms of newspapers rise or fall?

Microeconomics, Economics

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