Price of petrol was Rs. 60 per litre in 2015 and Rs.100 per litre in 2021. The average wage inmanufacturing was Rs. 240 per hour in 2015 and300 in 2021.a. By what percentage did the price of a litre ofpetrol rise?b. By what percentage did the wage rise?c. In each year, how many hours does a workerhave to work to earn enough to buy 10 litresof petrol?

here we calculate the wage rise by the following method as follow;

Answered: a. By what percentage did the price of…

a. By what percentage did the price of a litre of petrol rise? b. By what percentage did the wage rise? c. In each year, how many hours does a worker have to work to earn enough to buy 10 litres

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Price of petrol was Rs. 60 per litre in 2015 and Rs.
100 per litre in 2021. The average wage in
manufacturing was Rs. 240 per hour in 2015 and
300 in 2021.
a. By what percentage did the price of a litre of
petrol rise?
b. By what percentage did the wage rise?
c. In each year, how many hours does a worker
have to work to earn enough to buy 10 litres
of petrol?

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