This preview shows page 1. Sign up to view the full content.
Unformatted text preview: 921 was
the same as buying something for $1,079.89 in 2005. To find out what any
dollar purchase in the past is equivalent to today, go to the Bureau of Labor
Statistics inflation calculator at www.emcp.net/inflation. Here we list the
2005 dollar equivalent of several purchases made in 1961. For example,
a person who paid $15 for dinner when going out to eat in 1961 would pay
$96.22 for an equivalent dinner in 2005.
Haircut 1961 price
$ 2005 equivalent 15 $ 4 96.22
25.66 3 19.24 3,000 19,244.15 Furniture 500 3,207.36 Hammer 2 12.83 200 1,282.94 Car Attorney services amount of resources. Again, consider farming. With the use of fertilizers and pesticides, farmers today can produce much
more output on an acre of
land than they could many “What is wrong with our world
years ago. This advancement is that love is in short supply.”
in technology, in turn, low—Anonymous
ers the per-unit cost, or
average cost, of production for farmers.
Farmers respond to lower per-unit costs by
being willing and able to pr...
View Full Document
This document was uploaded on 01/16/2014.
- Winter '14