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Economics

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16. A CPI Table for Brisbane is at the bottom of the next page (a) Suppose a fridge cost $1490 in Brisbane in September 2009 and $790 in September 1980. Over this period, what was the real change in price and does this mean the real price of a fridge has risen or fallen over time? Show your working. (b) If the average retail price in Brisbane of a Snickers Bar in September 2009 is $1.80, what would have been the price in September 1980 dollars, if the real price has remained unchanged? Show your working (c) If you were working in Brisbane in September 2009 and had a take-home pay of $800 per week, what would the equivalent nominal take-home pay have been in 1999 to put a person in the same real position? What would the equivalent nominal take-home pay have been in 1989 to put a person in the same real position? Show your working.