Question

A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for workers in private industries was $14.28 per hour in December 2000 and $21.26 in December 2015. By what percentage did the price of a dozen eggs rise? (A) 65%(B) 179%(C) 186% By what percentage did the wage rise?(A) 15%(B) 49%(C) 134%

Answer 1

Egg cost increase during the period: (C) 186%

Wages increase during the period: (B) 49%

Step-by-step explanation:

To calculate the rise in egg cost we will do as follow:

`(current)/(base) -1`

being current year 2015 at 2.75

and base year 2000 at 0.96 we got:

`(2.75)/(0.96) -1`

1.8645833 = 186.46%

we do the same process for wages:

`(21.26)/(14.28) -1`

0.48879551 = 48.88% = 49%