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nslesin

  • 2 years ago

Help please?

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  1. nslesin
    • 2 years ago
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  2. mathstudent55
    • 2 years ago
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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.

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

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

  5. nslesin
    • 2 years ago
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    i think its more cuz it involves CPI :O

  6. mathstudent55
    • 2 years ago
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    Then perhaps it's the second possibility I listed above.

  7. mathstudent55
    • 2 years ago
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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.

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

  9. nslesin
    • 2 years ago
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    So it increased by 31,372%

  10. mathstudent55
    • 2 years ago
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    Yes, adjusted for 1978 dollars. Without adjustment, the percent increase would be much higher.

  11. nslesin
    • 2 years ago
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    But we want relative change = absolute change/reference value = new value - reference value/reference value x 100 right?

  12. mathstudent55
    • 2 years ago
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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.

  13. nslesin
    • 2 years ago
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    aww

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