week 4 notes
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This 1 page Class Notes was uploaded by Evangelos Katradis on Sunday February 14, 2016. The Class Notes belongs to ECON 104 at Pennsylvania State University taught by Goffe in Spring2015. Since its upload, it has received 27 views.
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Date Created: 02/14/16
Econ notes week 4 Part E: The Consumer Price Index (CPI) The Consumer Price Index(CPI): can be used to remove inflation from nominal prices & wages def: nominal (money) wage or pricehow many dollars it takes to hire somebody or buy something def: real wage or price nominal value w/ inflation removed ex. real GDP & nominal GDP measure of costs versus a base year GDP Deflator vs. the CPI both measure the price level consumers: CPI whole economy: GDP Deflator move in similar ways constructed in different ways Part F: Real Prices Real & Nominal Prices: A real price or interest rate removes inflation from a nominal price in calculation to calculate: use division, deflating or subtraction
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