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nslesin Group Title

Help please?

  • one year ago
  • one year ago

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  1. nslesin Group Title
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    • one year ago
  2. mathstudent55 Group Title
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    I am not sure what the problem is asking for. One possibility is to find the percent increase in inflation from 1978 to 2006 and compare that with the percent increase in healthcare costs from 1978 to 2006. Another possibility is to convert the 1978 costs into 2006 dollars and then compare the 2006 healthcare costs with the 1978 heltacare cost in 2006 dollars.

    • one year ago
  3. nslesin Group Title
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    i think one has to find the percent increase of the health care from 1978 to 2006

    • one year ago
  4. mathstudent55 Group Title
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    If that is all, then it is this: \( \text{percent change} = \dfrac{\text{new value} - \text{old value} } {\text{old value} }\times 100 \)

    • one year ago
  5. nslesin Group Title
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    i think its more cuz it involves CPI :O

    • one year ago
  6. mathstudent55 Group Title
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    Then perhaps it's the second possibility I listed above.

    • one year ago
  7. mathstudent55 Group Title
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    First, let's convert $927,000,000 1978 dollars to 2006 dollars: \( \dfrac{$927,000,000}{65.2} = \dfrac{x}{201.6} \) \(x = $2,866,000,000\) This means that the $927 million cost in 1978 means $2.866 billion in 2006 dollars.

    • one year ago
  8. mathstudent55 Group Title
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    Now let's calculate the percent change from the 2.866 billion cost to the $902 billion cost. \( \text{percent change} = \dfrac{902,000,000,000 - 2,886,000,000}{2,866,000,000} \times 100 \) \( \text{percent change} = 31,372\% \)

    • one year ago
  9. nslesin Group Title
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    So it increased by 31,372%

    • one year ago
  10. mathstudent55 Group Title
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    Yes, adjusted for 1978 dollars. Without adjustment, the percent increase would be much higher.

    • one year ago
  11. nslesin Group Title
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    But we want relative change = absolute change/reference value = new value - reference value/reference value x 100 right?

    • one year ago
  12. mathstudent55 Group Title
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    Like I told,you, I don't really know what the problem wants. The way I did it, it does take the inflation adjustment into account.

    • one year ago
  13. nslesin Group Title
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    aww

    • one year ago
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