In 1973 the annual tuition at the University of Oregon was $541 for an Oregon resident. The CPI in 1973 was 44.4. How much would $541 in 1973 dollars be in 2021 dollars? That is, how much would we have expected annual resident tuition at UO0 to be in 2021 if it had increased by as much as the overall price level between 1973 and 2021? Assume that the CPI for 2021 is 273.6. Show your work and round to the nearest dollar.
In 1973 the annual tuition at the University of Oregon was $541 for an Oregon resident. The CPI in 1973 was 44.4. How much would $541 in 1973 dollars be in 2021 dollars? That is, how much would we have expected annual resident tuition at UO0 to be in 2021 if it had increased by as much as the overall price level between 1973 and 2021? Assume that the CPI for 2021 is 273.6. Show your work and round to the nearest dollar.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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