The cost of a college education in the United States is rising ata rate faster than
Chapter 3, Problem 11(choose chapter or problem)
The cost of a college education in the United States is rising ata rate faster than inflation. The table below shows the averagecost of a college education in the United States in 2006 and2007 for public and private colleges. Assume the costs listed inthe table are the only costs experienced by the various collegestudents in a single year.a. Calculate the cost of living for an average college student ineach category for 2006 and 2007.b.Assume the quantity of goods purchased in each category,that is, the market basket, is identical for 2006 and 2007.Calculate an inflation rate for each type of college studentbetween 2006 and 2007.
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