suppose that a loaf of bread cost $2.00 in 1981. using the cpi table, find how much a similar loaf would…

suppose that a loaf of bread cost $2.00 in 1981. using the cpi table, find how much a similar loaf would have cost in 2009 (assuming its price rose with the cpi). as a percentage, did the minimum wage (shown in the accompanying table) increase more or less than the price of the loaf of bread from 1981 to 2009? click the icon to view the table of federal minimum wages. a similar loaf would have cost $4.72 in 2009 (round to the nearest cent as needed.) as a percentage, did the minimum wage increase more or less than the price of the loaf of bread from 1981 to 2009? the minimum wage increased than the price of a loaf of bread. the percent increase of the price of a loaf of bread was % and the percent increase in the minimum wage was % (round to one decimal place as needed.)

suppose that a loaf of bread cost $2.00 in 1981. using the cpi table, find how much a similar loaf would have cost in 2009 (assuming its price rose with the cpi). as a percentage, did the minimum wage (shown in the accompanying table) increase more or less than the price of the loaf of bread from 1981 to 2009? click the icon to view the table of federal minimum wages. a similar loaf would have cost $4.72 in 2009 (round to the nearest cent as needed.) as a percentage, did the minimum wage increase more or less than the price of the loaf of bread from 1981 to 2009? the minimum wage increased than the price of a loaf of bread. the percent increase of the price of a loaf of bread was % and the percent increase in the minimum wage was % (round to one decimal place as needed.)

Answer

Explanation:

Step1: Calculate percent - increase of bread price

The formula for percent - increase is $\frac{\text{New Value}-\text{Old Value}}{\text{Old Value}}\times100%$. The old value of bread price in 1981 is $2.00$ and the new value in 2009 is $4.72$. So, $\frac{4.72 - 2.00}{2.00}\times100%=\frac{2.72}{2.00}\times100% = 136.0%$.

Step2: Calculate percent - increase of minimum wage

The minimum wage in 1981 is $3.35$ and in 2009 is $7.25$. Using the percent - increase formula $\frac{7.25 - 3.35}{3.35}\times100%=\frac{3.9}{3.35}\times100%\approx116.4%$.

Step3: Compare the percent - increases

Since $116.4%<136.0%$, the minimum wage increased less than the price of a loaf of bread.

Answer:

less; 136.0; 116.4