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Concept 1: Nominal Price vs. Relative Price

Constructing Relative Prices Using Average Hourly Wage Rate Products Nominal Price Year 1969 1989 2010 Round steak (1b) $1.28 $2.39 $4.30 Bread (1 loaf) $0.25 $1.00 $1.39 Average wage rate $3.00 $10.00 $18.61 Round steak (1 lb):

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URL: https://content.csbs.utah.edu/~fan/fcs3450/slides/FCS3450SmallUnit01.pdf

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