ECON 1012 Lecture Notes - Cookie Monster
Document Summary
. 1: the data in part a shows negative inflation rates in the time period before 1948, which indicates deflation in the economy. According to the graph in part b, similar peiods are shown in grey, with significant long deflation periods in 1973, 1982, and 2008. These periods are associated with recessions, especially the 2008 great recession. * 1: percentage increase in cookie price during the 50 year period: x 100 = 157% increase: percentage increase in wage during the 50 year period: minutes to buy a box of cookies, in 1969, cookie monster has to work.
