The New York Times cost $0.15 in 1970 and $0.75 in 2000. The average

wage in manufacturing was $3.23 per hour in 1970 and $14.32 in 2000.

a. By what percentage did the price of a newspaper rise?
b. By what percentage did the wage rise?
c. In each year, how many minutes does a worker have to work to earn
enough to buy a newspaper?
d. Did workers’ purchasing power in terms of newspaper rise or fall?

0.75 - 0.15 = 0.60

0.60 / 0.15 = 4 = 400%

I'll be glad to check your other answers.

14.32-3.23 = 11.09

11.09 divided by 3.23 = 3.4 multiply by 100 = 350 %

a. To calculate the percentage increase in the price of a newspaper, we can use the formula:

Percentage increase = (New price - Old price) / Old price * 100

For the newspaper price in 1970:
Percentage increase = (0.75 - 0.15) / 0.15 * 100
= 0.6 / 0.15 * 100
= 4

Therefore, the price of a newspaper rose by 400%.

b. To calculate the percentage increase in the wage, we can use the same formula:

Percentage increase = (New wage - Old wage) / Old wage * 100

For the wage in manufacturing in 1970:
Percentage increase = (14.32 - 3.23) / 3.23 * 100
= 11.09 / 3.23 * 100
= 342.54

Therefore, the wage in manufacturing rose by 342.54%.

c. To calculate how many minutes a worker needed to work to earn enough to buy a newspaper in a particular year, we can use the formula:

Minutes to earn a newspaper = (Newspaper price / Wage per hour) * 60

For 1970:
Minutes to earn a newspaper = (0.15 / 3.23) * 60
= 2.327

For 2000:
Minutes to earn a newspaper = (0.75 / 14.32) * 60
= 3.134

Therefore, in 1970, a worker needed to work approximately 2.33 minutes to earn enough to buy a newspaper, while in 2000, a worker needed to work approximately 3.13 minutes.

d. To determine whether workers' purchasing power in terms of a newspaper rose or fell, we need to compare the change in the wage with the change in the newspaper price.

If the percentage increase in the wage is higher than the percentage increase in the newspaper price, then workers' purchasing power has increased. On the other hand, if the percentage increase in the wage is lower than the percentage increase in the newspaper price, workers' purchasing power has decreased.

In this case, the percentage increase in the wage (342.54%) is higher than the percentage increase in the newspaper price (400%), indicating that workers' purchasing power in terms of a newspaper has increased.

To answer these questions, we will use the formula to calculate percentage change:

Percentage Change = ((New Value - Old Value) / Old Value) * 100

a. To find the percentage change in the price of a newspaper:
New Value = $0.75 (in 2000)
Old Value = $0.15 (in 1970)

Percentage Change = (($0.75 - $0.15) / $0.15) * 100

b. To find the percentage change in the wage:
New Value = $14.32 (in 2000)
Old Value = $3.23 (in 1970)

Percentage Change = (($14.32 - $3.23) / $3.23) * 100

c. To calculate how many minutes a worker has to work to earn enough to buy a newspaper, we'll convert the wages to minutes based on the hourly wage and divide it by the newspaper price.

1970:
Earnings in 1 hour = $3.23
Minutes in 1 hour = 60 minutes

Cost of Newspaper = $0.15

Minutes required to earn enough for a newspaper = ($0.15 / $3.23) * 60

2000:
Earnings in 1 hour = $14.32
Minutes in 1 hour = 60 minutes

Cost of Newspaper = $0.75

Minutes required to earn enough for a newspaper = ($0.75 / $14.32) * 60

d. To determine whether workers' purchasing power in terms of newspapers rose or fell, we need to compare the minutes required to earn enough for a newspaper in 1970 and 2000. If the minutes decrease, then the purchasing power rose, and if the minutes increase, then the purchasing power fell.

Let's calculate each of the values step by step.

a. By what percentage did the price of a newspaper rise?
New Value = $0.75
Old Value = $0.15

Percentage Change = (($0.75 - $0.15) / $0.15) * 100
Percentage Change = ($0.60 / $0.15) * 100
Percentage Change = 4 * 100
Percentage Change = 400%

The price of the newspaper rose by 400%.

b. By what percentage did the wage rise?
New Value = $14.32
Old Value = $3.23

Percentage Change = (($14.32 - $3.23) / $3.23) * 100
Percentage Change = ($11.09 / $3.23) * 100
Percentage Change = 3.43 * 100
Percentage Change = 343%

The wage rose by 343%.

c. In each year, how many minutes does a worker have to work to earn enough to buy a newspaper?
1970:
Cost of Newspaper = $0.15
Earnings in 1 hour = $3.23
Minutes in 1 hour = 60 minutes

Minutes required to earn enough for a newspaper = ($0.15 / $3.23) * 60
Minutes required = 0.0465 * 60
Minutes required = 2.79 minutes

So, in 1970, a worker had to work about 2.79 minutes to earn enough to buy a newspaper.

2000:
Cost of Newspaper = $0.75
Earnings in 1 hour = $14.32
Minutes in 1 hour = 60 minutes

Minutes required to earn enough for a newspaper = ($0.75 / $14.32) * 60
Minutes required = 0.0524 * 60
Minutes required = 3.14 minutes

So, in 2000, a worker had to work about 3.14 minutes to earn enough to buy a newspaper.

d. Did workers’ purchasing power in terms of newspapers rise or fall?
In 1970, a worker had to work about 2.79 minutes to earn enough for a newspaper, while in 2000, a worker had to work about 3.14 minutes for the same. Thus, the minutes required to earn enough for a newspaper increased over time.

Therefore, workers' purchasing power in terms of newspapers fell.