A community for students.
Here's the question you clicked on:
 0 viewing
nslesin
 one year ago
Help please?
nslesin
 one year ago
Help please?

This Question is Closed

mathstudent55
 one year ago
Best ResponseYou've already chosen the best response.1I 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.

nslesin
 one year ago
Best ResponseYou've already chosen the best response.1i think one has to find the percent increase of the health care from 1978 to 2006

mathstudent55
 one year ago
Best ResponseYou've already chosen the best response.1If that is all, then it is this: \( \text{percent change} = \dfrac{\text{new value}  \text{old value} } {\text{old value} }\times 100 \)

nslesin
 one year ago
Best ResponseYou've already chosen the best response.1i think its more cuz it involves CPI :O

mathstudent55
 one year ago
Best ResponseYou've already chosen the best response.1Then perhaps it's the second possibility I listed above.

mathstudent55
 one year ago
Best ResponseYou've already chosen the best response.1First, 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.

mathstudent55
 one year ago
Best ResponseYou've already chosen the best response.1Now let's calculate the percent change from the 2.866 billion cost to the $902 billion cost. \( \text{percent change} = \dfrac{902,000,000,000  2,886,000,000}{2,866,000,000} \times 100 \) \( \text{percent change} = 31,372\% \)

nslesin
 one year ago
Best ResponseYou've already chosen the best response.1So it increased by 31,372%

mathstudent55
 one year ago
Best ResponseYou've already chosen the best response.1Yes, adjusted for 1978 dollars. Without adjustment, the percent increase would be much higher.

nslesin
 one year ago
Best ResponseYou've already chosen the best response.1But we want relative change = absolute change/reference value = new value  reference value/reference value x 100 right?

mathstudent55
 one year ago
Best ResponseYou've already chosen the best response.1Like 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.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.