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REAL VERSUS NOMINAL PRICES
• Nominal price is a complete or current dollar price of a good or service when it is sold.
• Real price is the price related to a combined measure of prices or stable dollar price.
• The Consumer Price Index (CPI) is a cumulative measure. Real prices are emphasized to allow the evaluation of relative prices.
• Calculating Real Prices
Calculating the Real Price of Milk
Calculating Real Prices: An Example - Eggs & College
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Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.
how do you calculate opportunity cost
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