in the 1970's a loaf of bread was $.00, what would the price of a loaf...
in the 1970's a loaf of bread was $.00, what would the price of a loaf be in 2018?
the losf was a $1.00
Homework Answers
The price of a loaf of bread in 2018 is around $2.50. A loaf of bread is basic necessity item of food and the demand of the good is relatively inelastic. Thus, the price of the loaf of bread has not increased much in 2018 as compared to its increase in 1970. The price of necessities do not rise by a high margin which is also the case of milk where the prices have not increased much compared to their prices in 1970s.
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please show work!!
If the price of a loaf of bread has tripled over the past 8 years, what has been the annual rate of inflation in the price of bread over that time period? Round your answer to 2 decimal places and enter your answer as a percent, but without a percent sign. For example, enter 25.486% as 25.49.
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