Suppose the median household earned $9,243 in 1976 and $52,765 in 2016. During that time, also suppose the CPI rose from 48.2 to 214.68. Instructions: Round your answers to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was: b. The total growth rate in real median household income from 1976 to 2016 was:

Essentials of Economics (MindTap Course List)
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ISBN:9781337091992
Author:N. Gregory Mankiw
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Chapter16: Measuring The Cost Of Living
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Suppose the median household earned $9,243 in 1976 and $52,765 in 2016. During that time, also suppose the CPI rose from 48.2 to
214.68.
01:10:16
Instructions: Round your answers to one decimal place.
a. The total growth rate in nominal median household income from 1976 to 2016 was:
b. The total growth rate in real median household income from 1976 to 2016 was:
Transcribed Image Text:1 Suppose the median household earned $9,243 in 1976 and $52,765 in 2016. During that time, also suppose the CPI rose from 48.2 to 214.68. 01:10:16 Instructions: Round your answers to one decimal place. a. The total growth rate in nominal median household income from 1976 to 2016 was: b. The total growth rate in real median household income from 1976 to 2016 was:
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