The Nominal Price of Milk Was $2

question 45

Short Answer

The nominal price of milk was $2.25 in 1998 while the CPI was 163.0 that year. Also, the CPI in 1970 was 38.8. What was the real value of 1998 milk in terms of 1970 dollars?

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Definitions:

Administrative Costs

Expenses incurred in the day-to-day operations of a business that are not directly tied to production.

Infrastructure Costs

Expenses associated with the basic physical and organizational structures needed for the operation of a society or enterprise, such as roads, telecommunications, and utilities.

Drug Costs

The expenses associated with purchasing medications, which can include the price of the drug itself, pharmacy fees, and related healthcare provider costs.

Hospital Costs

Denotes the expenses associated with operating a hospital, including medical supplies, labor, and administrative costs.