Mankiw Notes

!
!!
!

(%"
!!$&&###*%%"&'&)+*%!
!

!"#$#%"&#'()*&+#,-).&/#-0#123345#(67#
8&9(67#
!"#$%&'(#)%"*
!"#$%&#%'%("#)*!"#$%&!'()*'()#!&()+$!',-$'.%/0!'0,1&'$&2%!%)-!',-$'()*'"(&3'%-"&/,2"'%-'0,/1&"!4'
!+#$%&#%'%("#)*!"#$%&!'"(&'&2)-)03',!','*()+&4'
5%2/)&2)-)0%!"!'#!&'"(&'"(&)/3').'!#66+3',-$'$&0,-$'")'#-$&/!",-$7'
84 9)*':#3&/!',-$'!&++&/!'%-',-'%-$%;%$#,+'0,/1&"'.)/',-'%-$%;%$#,+'<))$':&(,;&4'
=4 9)*'"(&'%-"&/,2"%)-!':&"*&&-'"()!&':#3&/!',-$'!&++&/!'*)/1'")'$&"&/0%-&'"(&'>#,-"%"3').'"(&'
<))$'"(,"'<&"!'6/)$#2&$',-$'"(&'6/%2&',"'*(%2('"(&'<))$'<&"!':)#<("',-$'!)+$4'
?4 9)*';,/%)#!'&;&-"!'%06,2"')-'>#,-"%"%&!',-$'6/%2&!'%-'0,/1&"!'.)/'%-$%;%$#,+'<))$!4'
@'2)#/!&'%-'"(&'A/%-2%6+&!').'5%2/)&2)-)0%2!'+))1!',"'"(&'"(&)/3').'!#66+3',-$'$&0,-$'%-'</&,"'$&",%+B'
"/,2%-<')#"'%"!'0,-3'%06+%2,"%)-!4'
C#"B',!'*&'*%++'!&&B'0,2/)&2)-)0%!"!')."&-'-&&$'")'/&+3')-'"(&'"(&)/3').'!#66+3',-$'$&0,-$',!'*&++4'''
@-$'.)/'"(,"'/&,!)-B'*&D++':&<%-'"(%!'2)#/!&'%-'"(&'A/%-2%6+&!').'5,2/)&2)-)0%2!'*%"(','>#%21'+))1',"'"(&'
"(&)/3').'!#66+3',-$'$&0,-$4'
+'#,)"-*
84 E&0,-$'
@4 F(&'E&0,-$'G#/;&'
C4 H(%."!'%-'"(&'E&0,-$'G#/;&'
=4 H#66+3'
@4 F(&'H#66+3'G#/;&'
C4 H(%."!'%-'"(&'H#66+3'G#/;&'
?4 H#66+3',-$'E&0,-$'
@4 I>#%+%:/%#0'
C4 @-,+3J%-<'G(,-<&!'%-'I>#%+%:/%#0'
%4 @'G(,-<&'E#&'")','H(%."'%-'E&0,-$'
%%4 @'G(,-<&'E#&'")','H(%."'%-'H#66+3'
.-/0"&*
K&"D!':&<%-':3'2)-!%$&/%-<'"(&':&(,;%)/').':#3&/!'%-','6,/"%2#+,/'0,/1&"'.)/','6,/"%2#+,/'<))$7'%2&'2/&,04*
='
'
12-*.-/0"&*3'$4-*
F(&',-+'."./*0&(+'0&0*).',-3'<))$'%!'"(&',0)#-"').'"(,"'<))$'"(,"':#3&/!',/&'*%++%-<',-$',:+&'")'
6#/2(,!&4'
@+"()#<('"(&/&',/&'0,-3'.,2")/!'"(,"'$&"&/0%-&'"(&'>#,-"%"3'$&0,-$&$').',-3'<))$B')-&'2(%&.'
$&"&/0%-,-"').'"(&'>#,-"%"3'$&0,-$&$'%!'"(&'6/%2&').'"(&'<))$4'
@!1'3)#/!&+.7'!#66)!&'"(&'6/%2&').',-'%2&'2/&,0'2)-&'<)&!'#6'L'$)&!'"(,"'0,1&'3)#'0)/&'+%1&+3')/'+&!!'
+%1&+3'")':#3',-'%2&'2/&,0'2)-&')-',-3'<%;&-'$,3M''E)&!'"(,"'6/%2&'%-2/&,!&'0&,-'3)#'*%++':#3'0)/&')/'
.&*&/'%2&'2/&,0'2)-&!');&/'"(&'2)#/!&'"(&'-&N"'3&,/M'
O)/'0)!"'6&)6+&',-$'0)!"'<))$!B','(%<(&/'6/%2&'0&,-!','!0,++&/'>#,-"%"3'$&0,-$&$4'
F(%!'%!'*(,"'0%2/)&2)-)0%!"!'2,++'"(&'1+2*%3*0&(+'07'"(&'%$&,'"(,"B',++')"(&/'"(%-<!':&%-<'&>#,+'PQ2&"&/%!'
6,/%:#!BR',!'@-2%&-"'S)0,-!',-$'0)$&/-'!2%&-"%!"!'*)#+$'!,3TB'"(&'>#,-"%"3'$&0,-$&$').','<))$'.,++!'
*(&-'"(&'6/%2&').'"(,"'<))$'/%!&!4'
@'0&(+'0*)#4&0-1&'%!','",:+&'!()*%-<'"(&'/&+,"%)-!(%6':&"*&&-'"(&'6/%2&').','<))$',-$'"(&'>#,-"%"3'
$&0,-$&$4'
@'0&(+'0*#-$5&*%!','</,6('!()*%-<'"(&'/&+,"%)-!(%6':&"*&&-'"(&'6/%2&').','<))$',-$'"(&'>#,-"%"3'
$&0,-$&$4'
5%2/)&2)-)0%!"!'(,;&',$)6"&$'"(&'2)-;&-"%)-'"(,"B'%-','!#66+3U,-$U$&0,-$'$%,</,0B'"(&'>#,-"%"3').'
"(&'<))$'%!'0&,!#/&$',+)-<'"(&'()/%J)-",+'PNT',N%!',-$'"(&'6/%2&').'"(&'<))$'%!'0&,!#/&$',+)-<'"(&'
;&/"%2,+'P3T',N%!4'
F(&'+,*').'$&0,-$'!,3!'"(,"'.4&*0&(+'0*#-$5&*)1%6&)*0%2'2+$04'
O%<#/&'8'!()*!',-'&N,06+&').',-'%-$%;%$#,+':#3&/D!'$&0,-$'!2(&$#+&',-$'$&0,-$'2#/;&4''O%<#/&'='
!()*!'()*'"(&'$&0,-$'.)/','<))$'%-'"(&'0,/1&"',!','*()+&'<&"!'$&"&/0%-&$':3',$$%-<'#6'"(&'$&0,-$!'
).',++'%-$%;%$#,+':#3&/!4'
52)6#7*)"*#2-*.-/0"&*3'$4-*
F(&'$)*-*,/$U!+)6%-<'$&0,-$'2#/;&'!#00,/%J&!'()*'"(&'>#,-"%"3'$&0,-$&$'2(,-<&!',!'"(&'6/%2&'
/%!&!')/'.,++!B'4%10"'7*&5&$/.4"'7*&1)&*#%').+'.8*
F(&'$&0,-$'2#/;&'!(%."!'")'"(&'+&."')/'")'"(&'/%<("'*(&-'!)0&'&;&-"')22#/!'")'2(,-<&'"(&'>#,-"%"3'
$&0,-$&$'+.*+'/*7"5&'*6$"#&4'
O%<#/&'?'%++#!"/,"&!'()*','$&0,-$'2#/;&'!(%."!'")'"(&'+&."')/'")'"(&'/%<("4'
V(3'0%<("'"(&'$&0,-$'2#/;&'.)/'%2&'2/&,0'!(%."M'
84 W-2)0&'/%!&!B'!)'"(,"'6&)6+&'2,-',..)/$'0)/&'%2&'2/&,0'2)-&!'+.*+'/*7"5&'*6$"#&4'
?'
'
=4 F(&'6/%2&!').'<))$!'"(,"',/&'2+)!&'!#:!"%"#"&!'.)/'%2&'2/&,0'2(,-<&4'H#66)!&B'.)/'%-!",-2&B'"(,"'
"(&'6/%2&').'./)J&-'3)<#/"'<)&!'#64'F(&-'!)0&'6&)6+&'*()'#!&$'")':#3'./)J&-'3)<#/"'*%++'!*%"2('
")'%2&'2/&,0'%-!"&,$4''F(&'>#,-"%"3').'%2&'2/&,0'$&0,-$&$'<)&!'#6'+.*+'/*7"5&'*6$"#&4'
?4 QF,!"&!R'2(,-<&4'A&)6+&'$&2%$&'"(&3'+%1&'%2&'2/&,0'0)/&B'!)'"(,"'"(&3':#3'0)/&'+.*+'/*7"5&'*
6$"#&4'
5'88,9*
X)*'+&"D!'2)-!%$&/'"(&':&(,;%)/').'!&++&/!'%-','6,/"%2#+,/'0,/1&"'.)/','6,/"%2#+,/'<))$7'%2&'2/&,04'
12-*5'88,9*3'$4-*
F(&',-+'."./*)-661"&0').',-3'<))$'%!'"(&',0)#-"').'"(,"'<))$'"(,"'!&++&/!',/&'*%++%-<',-$',:+&'")'
6/)$#2&',-$'!&++4'
@+"()#<('"(&/&',/&'0,-3'.,2")/!'"(,"'$&"&/0%-&'"(&'>#,-"%"3'!#66+%&$').',-3'<))$B')-&'2(%&.'
$&"&/0%-,-"').'"(&'>#,-"%"3'!#66+%&$'%!'"(&'6/%2&').'"(&'<))$4'
@!1'3)#/!&+.7'!#66)!&'3)#')*-',-$')6&/,"&',-'%2&'2/&,0'!",-$',-$'"(&'6/%2&').',-'%2&'2/&,0'2)-&'<)&!'
#6'L'$)&!'"(,"'0,1&'3)#'0)/&')/'+&!!'*%++%-<'")'*)/1'(,/$&/'")'0,1&',-$'!&++'0)/&'%2&'2/&,0'2)-&!M''
O)/'0)!"':#!%-&!!')*-&/!'6/)$#2%-<',-$'!&++%-<'0)!"'<))$!B','(%<(&/'6/%2&'0&,-!','+,/<&/'>#,-"%"3'
!#66+%&$4'
F(%!'%!'*(,"'0%2/)&2)-)0%!"!'2,++'"(&'1+2*%3*)-661/7'"(&'%$&,'"(,"B',++')"(&/'"(%-<!':&%-<'&>#,+B'"(&'
>#,-"%"3'!#66+%&$').','<))$'/%!&!'*(&-'"(&'6/%2&').'"(,"'<))$'/%!&!4'
@')-661/*)#4&0-1&'%!','",:+&'!()*%-<'"(&'/&+,"%)-!(%6':&"*&&-'"(&'6/%2&').','<))$',-$'"(&'>#,-"%"3'
!#66+%&$4'
@')-661/*#-$5&*%!','</,6('!()*%-<'"(&'/&+,"%)-!(%6':&"*&&-'"(&'6/%2&').','<))$',-$'"(&'>#,-"%"3'
!#66+%&$4'
F(&'+,*').'!#66+3'!,3!'"(,"'.4&*)-661/*#-$5&*)1%6&)*-62+$04'
O%<#/&'Y'!()*!',-'&N,06+&').',-'%-$%;%$#,+'!&++&/D!'!#66+3'!2(&$#+&',-$'!#66+3'2#/;&4''O%<#/&'Z'!()*!'
()*'"(&'!#66+3').','<))$'%-'"(&'0,/1&"',!','*()+&'<&"!'$&"&/0%-&$':3',$$%-<'#6'"(&'!#66+%&!').',++'
%-$%;%$#,+'!&++&/!4'
52)6#7*)"*#2-*5'88,9*3'$4-*
F(&'#6*,/$U!+)6%-<'!#66+3'2#/;&'!#00,/%J&!'()*'"(&'>#,-"%"3'!#66+%&$'2(,-<&!',!'"(&'6/%2&'/%!&!')/'
.,++!B'4%10"'7*&5&$/.4"'7*&1)&*#%').+'.8*
F(&'!#66+3'2#/;&'!(%."!'")'"(&'+&."')/'")'"(&'/%<("'*(&-'!)0&'&;&-"')22#/!'")'2(,-<&'"(&'>#,-"%"3'
!#66+%&$'+.*+'/*7"5&'*6$"#&4'
O%<#/&'['%++#!"/,"&!'()*','!#66+3'2#/;&'!(%."!'")'"(&'+&."')/'")'"(&'/%<("4'
\'
'
V(3'0%<("'"(&'!#66+3'2#/;&'.)/'%2&'2/&,0'!(%."M'
84 W-6#"'6/%2&!'/%!&B'!)'"(,"'%"'2)!"!'0)/&'")'0,1&',-$'!&++',-$'%2&'2/&,0'2)-&4'F(&-'!&++&/!'*%++'
6/)$#2&'.&*&/'%2&'2/&,0'2)-&!'+.*+'/*7"5&'*6$"#&4'X)"&'"(,"'%-6#"'6/%2&!'%-2+#$&'-)"']#!"'"(&'
6/%2&').'%-</&$%&-"!'+%1&'0%+1',-$'!#<,/B':#"',+!)'"(&'Q6/%2&!R').'(%/%-<'*)/1&/!'P*,<&!T',-$'
/&-"%-<')/':#3%-<':#%+$%-<!',-$'+,-$'")'/#-'"(&':#!%-&!!4'
=4 QF&2(-)+)<%&!R'2,-'2(,-<&4'W.','-&*'0,2(%-&'0,1&!'%"'&,!%&/',-$'+&!!'"%0&U2)-!#0%-<'")'0,1&'
,-$'!&++'%2&'2/&,0'2)-&!B'"(&-'!&++&/!'*%++':&'*%++%-<'")'!#66+3'0)/&'%2&'2/&,0'+.*+'/*7"5&'*6$"#&4'
5'88,9*0"&*.-/0"&*
9,;%-<'.%/!"'+))1&$',"'!#66+3',-$'$&0,-$'%-$%;%$#,++3B'-)*'+&"D!'!&&'()*'!#66+3',-$'$&0,-$'%-"&/,2"'")'
$&"&/0%-&'"(&'>#,-"%"3',-$'6/%2&').','<))$'!)+$'%-','6,/"%2#+,/'0,/1&"4'
:;'),)<$)'/*
H%-2&'"(&'$&0,-$'2#/;&'!+)6&!'$)*-',-$'"(&'!#66+3'2#/;&'!+)6&!'#6B'"(&3'*%++'%-"&/!&2"',"')-+3')-&'
6)%-"4'@"'"(%!'%-"&/!&2"%)-'6)%-"B'>#,-"%"%&!'!#66+%&$',-$'$&0,-$&$',/&'&>#,+4'
O)/'%2&'2/&,0B'"(%!'0&,-!'"(&/&',/&'-)'#-!)+$'%2&'2/&,0'2)-&!'0&+"%-<',*,3'P-)'Q&N2&!!'!#66+3RT'-)/'
,/&'"(&/&'!()/",<&!'"(,"'+&,;&'6)"&-"%,+':#3&/!'*()'*)#+$'+%1&'")':#3',-'%2&'2/&,0'2)-&',"'6/&;,%+%-<'
6/%2&!'#-,:+&'")'$)'!)'P-)'Q&N2&!!'$&0,-$RT4'
O%<#/&'^'!()*!'"(%!'&,-"1"9$"-(7','!%"#,"%)-'%-'*(%2('"(&'0,/1&"'6/%2&'(,!'/&,2(&$'"(&'+&;&+',"'*(%2('
>#,-"%"3'!#66+%&$4'F(&'6/%2&',"'"(&'%-"&/!&2"%)-'6)%-"'%!'"(&'&,-"1"9$"-(*6$"#&',-$'"(&'>#,-"%"3'%!'"(&'
&,-"1"9$"-(*,-+'."./4'
QI>#%+%:/%#0R'%!'!)0&"%0&!'/&.&//&$'")'!3-)-30)#!+3',!'Q0,/1&"'2+&,/%-<BR'!%-2&'%-',-'&>#%+%:/%#0B'
,<,%-B':#3&/!'(,;&':)#<("',++'"(&3'*,-"'")':#3',-$'!&++&/!'(,;&'!)+$',++'"(&3'*,-"'")'!&++4'
9)*',-$'*(3'$)&!'"(&'6/%2&').','<))$',$]#!"'!)',!'")':/%-<',:)#"','0,/1&"'&>#%+%:/%#0M'F(%!'%!'
%++#!"/,"&$'%-'.%<#/&'_7'
U
H#66)!&'.%/!"'"(,"'"(&'6/%2&').',-'%2&'2/&,0'2)-&'%!',:);&'"(&'&>#%+%:/%#0'6/%2&4'@"'"(%!'6/%2&B'
"(&/&'*%++':&',')-$61-)*P"(,"'%!B','2)-$%"%)-').'Q&N2&!!'!#66+3RT7','!%"#,"%)-'%-'*(%2('"(&'>#,-"%"3'
!#66+%&$'%!'</&,"&/'"(,-'"(&'>#,-"%"3'$&0,-$&$4'H%-2&'!&++&/!'*%++'(,;&',':#-2(').'%2&'2/&,0'
2)-&!'"(,"'"(&3'*)#+$'+%1&'")'!&++':#"'2,--)"B'"(&3'*%++'(,;&',-'%-2&-"%;&'")'+)*&/'"(&'6/%2&'%-'
)/$&/'")'!&++')..'"(&'!#/6+#!4'F(%!'$)*-*,/$'6/&!!#/&')-'"(&'6/%2&'*%++'2)-"%-#&'#-"%+'"(&'6/%2&'
/&,2(&!'"(&'&>#%+%:/%#0'6/%2&4'
H#66)!&'%-!"&,$'"(,"'"(&'6/%2&').',-'%2&'2/&,0'2)-&'%!':&+)*'"(&'&>#%+%:/%#0'6/%2&4'@"'"(%!'6/%2&B'
"(&/&'*%++':&',')4%$.+7&*P"(,"'%!B','2)-$%"%)-').'Q&N2&!!'$&0,-$RT7','!%"#,"%)-'%-'*(%2('"(&'
>#,-"%"3'$&0,-$&$'%!'</&,"&/'"(,-'"(&'>#,-"%"3'!#66+%&$4'C#3&/!'*%++'(,;&'")'*,%"'%-'+%-&'")':#3'
%2&'2/&,0'2)-&!'!%-2&'0)/&',/&':&%-<'$&0,-$&$'"(,-'!&++&/!',/&'*%++%-<'")'!#66+34'H&++&/!B'
!&&%-<'"(&!&'2)-$%"%)-!B'*%++'/&,+%J&'"(,"'"(&3'2,-'/,%!&'6/%2&!4'F(%!'#6*,/$'6/&!!#/&')-'"(&'6/%2&'
*%++'2)-"%-#&'#-"%+'"(&'6/%2&'/&,2(&!'"(&'&>#%+%:/%#0'6/%2&4'
Y'
'
F(&!&'%$&,!',/&'!#00,/%J&$':3'"(&'1+2*%3*)-661/*+'0*0&(+'07'"(&'%$&,'"(,"'"(&'6/%2&').',-3'<))$'
,$]#!"!'")':/%-<'"(&'>#,-"%"3'!#66+%&$',-$'"(&'>#,-"%"3'$&0,-$&$').'"(,"'<))$'%-")':,+,-2&4'
="0,9>)"?*320"?-7*)"*:;'),)<$)'/*
O%-,++3B'+&"D!'2)06+&"&')#/',-,+3!%!':3'2)-!%$&/%-<'()*';,/%)#!'&;&-"!'2,-',..&2"'"(&'&>#%+%:/%#0'>#,-"%"3'
,-$'6/%2&'%-',-'%-$%;%$#,+'<))$'%-',-'%-$%;%$#,+'0,/1&"4'
F)'$)'"(%!B'%"'%!'(&+6.#+'")'*)/1'"(/)#<('"(&'.)++)*%-<'"(/&&U!"&6'6/)2&$#/&7'
84 E&2%$&'*(&"(&/'"(&'&;&-"'!(%."!'"(&'!#66+3'2#/;&')/'"(&'$&0,-$'2#/;&4'
=4 E&2%$&'%-'*(%2('$%/&2"%)-'"(&'/&+&;,-"'2#/;&'!(%."!4'
?4 `!&'"(&'!#66+3U,-$U$&0,-$'$%,</,0'")'$&"&/0%-&'"(&'&..&2"')-'"(&'&>#%+%:/%#0'6/%2&',-$'
>#,-"%"34'
=*320"?-*.'-*#%*0*52)6#*)"*.-/0"&*
H#66)!&'"(,"','()"'!#00&/'0,1&!'6&)6+&'*,-"'")'&,"'0)/&'%2&'2/&,04'
84 F(%!'2(,-<&'%-'Q",!"&!R'!(%."!'"(&'$&0,-$'2#/;&'.)/'%2&'2/&,04'
=4 H%-2&':#3&/!'$&0,-$'0)/&'%2&'2/&,0',"',-3'<%;&-'6/%2&B'"(&'$&0,-$'2#/;&'!(%."!'")'"(&'/%<("4'
?4 @!'!()*-'%-'.%<#/&'8aB'"(&'&>#%+%:/%#0'>#,-"%"3'/%!&!',-$'"(&'&>#%+%:/%#0'6/%2&'/%!&!',!'*&++4'
C&.)/&'0);%-<')-B'+&"D!'2)-!%$&/'"(&'&2)-)0%2!':&(%-$'"(&'</,6(%2,+',-,+3!%!4'
F(&'2(,-<&'%-'*&,"(&/',..&2"!'6&)6+&D!'",!"&!'.)/'%2&'2/&,0B'"(,"'%!B'%"',..&2"!'"(&'$&0,-$'.)/'%2&'2/&,04'
H)'%"'%!'-)"'!#/6/%!%-<'"(,"'"(&'>#,-"%"3'$&0,-$&$'/%!&!'%-'&>#%+%:/%#04'
C#"'*(3'$)&!'"(&'>#,-"%"3'!#66+%&$'/%!&',!'*&++M''F(,"'%!B'*(,"'0,1&!'!&++&/!'0)/&'*%++%-<'")'6/)$#2&'
0)/&'%2&'2/&,0'2)-&!M'
W"'%!'-)"'"(,"'"(&'()"'*&,"(&/',#")0,"%2,++3'0,1&!'!&++&/!'*,-"'")'!#66+3'0)/&'%2&'2/&,0'2)-&!'P%-'.,2"B'
"(&'()"'*&,"(&/'0,3'0,1&'"(&0'*,-"'")'!#66+3'!"##B'&%"(&/':&2,#!&'"(&'()"'*&,"(&/'0,1&!'"(&0'*,-"'
")'",1&'"%0&')..'")'<)'")'"(&':&,2('"(&0!&+;&!')/':&2,#!&'"(&'()"'*&,"(&/'0,1&!'"(&0'"%/&$',-$'
*,-"%-<'")'*)/1'0)/&'!+)*+3'L':#"'+&"D!'1&&6'"(%-<!'!%06+&',-$'%<-)/&'"(&!&'&..&2"!'L'!"%++B'%"'%!'"/#&'"(,"'
"(&'()"'*&,"(&/'$)&!-D"',#")0,"%2,++3'*)/1'")'%-2/&,!&'"(&'>#,-"%"3'!#66+%&$T4'
W-!"&,$B'%"'%!'"(&'/%!&'%-'"(&'&>#%+%:/%#0'6/%2&'"(,"'2,++!'.)/"('"(&'%-2/&,!&'%-'!#66+37'!&++&/!'!&&'"(,"'"(&'
6/%2&'(,!'<)-&'#6B',-$'"(,"'%-2/&,!&'%-'6/%2&'%!'*(,"'0,1&!'"(&0'*,-"'")'!#66+3'0)/&4'
H)'%-'"(%!'&N,06+&B'"(&/&'%!'+*)4"3.*"'*.4&*0&(+'0*#-$5&',-$'+*(%5&(&'.*+1%'7*.4&*)-661/*#-$5&4'b/B','
2(,-<&'Q%-'$&0,-$R',-$','2(,-<&'Q%-'"(&'>#,-"%"3'$&0,-$&$BR':#"')-+3','2(,-<&'%-'"(&'Q>#,-"%"3'
!#66+%&$R',-$'-)"','2(,-<&'Q%-'!#66+34R'
=*320"?-*.'-*#%*0*52)6#*)"*5'88,9*
X&N"B'+&"D!'!#66)!&'"(,"','(#//%2,-&'$&!"/)3!'!)0&').'"(&'!#<,/'2/)6'%-'"(&'!)#"(&/-'`H4'F(%!'*%++'$/%;&'
#6'"(&'6/%2&').'!#<,/B'0,1%-<'%"'0)/&'&N6&-!%;&'")'0,1&'%2&'2/&,0'2)-&!',!'*&++4'
Z'
'
84 F(%!'2(,-<&'%-',-'%-6#"'6/%2&'!(%."!'"(&'!#66+3'2#/;&'.)/'%2&'2/&,04'
=4 H%-2&'.&*&/'%2&'2/&,0'2)-&!',/&'!#66+%&$',"',-3'<%;&-'6/%2&B'"(&'!#66+3'2#/;&'!(%."!'")'"(&'+&."4'
?4 @!'!()*-'%-'.%<#/&'88B'"(&'&>#%+%:/%#0'>#,-"%"3'.,++!',-$'"(&'&>#%+%:/%#0'6/%2&'/%!&!4'
@<,%-':&.)/&'*&'>#%"B'+&"D!'2)-!%$&/'"(&'&2)-)0%2!':&(%-$'"(%!'</,6(%2,+',-,+3!%!4'
F(&'/%!&'%-'!#<,/'6/%2&!',..&2"!'!&++&/!D'*%++%-<-&!!'")'0,1&'%2&'2/&,0'2)-&!B'"(,"'%!B'%"',..&2"!'"(&'!#66+3'
).'%2&'2/&,04'
H)'%"'%!'-)"'!#/6/%!%-<'"(,"'"(&'>#,-"%"3'!#66+%&$'.,++!'%-'&>#%+%:/%#04'
C#"'*(3'$)&!'"(&'>#,-"%"3'$&0,-$&$'.,++',!'*&++M''F(,"'%!B'*(,"'0,1&!':#3&/!'+&!!'*%++%-<'")':#3'%2&'
2/&,0'2)-&!M'
W"'%!'-)"'"(,"'"(&'/%!&'%-'!#<,/'6/%2&!',#")0,"%2,++3'0,1&!'!&++&/!'*,-"'")':#3'.&*&/'%2&'2/&,0'2)-&!4'
W-!"&,$B'%"'%!'"(&'/%!&'%-'"(&'&>#%+%:/%#0'6/%2&'"(,"'%-$#2&!'6&)6+&'")':#3'+&!!7':#3&/!'!&&'"(,"'"(&'6/%2&'
(,!'<)-&'#6B',-$'%"'%!'"(,"'%-2/&,!&'%-'6/%2&!'"(,"'2,#!&'"(&0'")'$&0,-$'+&!!4'
H)'%-'"(%!'&N,06+&B'"(&/&'%!',')4"3.*"'*.4&*)-661/*#-$5&',-$'+*(%5&(&'.*+1%'7*.4&*0&(+'0*#-$5&4'b/B','
2(,-<&'Q%-'!#66+3R',-$','2(,-<&'Q%-'"(&'>#,-"%"3'!#66+%&$BR':#"')-+3','2(,-<&'%-'"(&'Q>#,-"%"3'
$&0,-$&$R',-$'-)"','2(,-<&'Q%-'$&0,-$4R'
F(&!&'&N,06+&!'%++#!"/,"&'()*B'%-','0,/1&"'&2)-)03B'2(,-<&!'%-'6/%2&!',2"'")'2))/$%-,"&'"(&',2"%;%"%&!').'
%-$%;%$#,+':#3&/!',-$'!&++&/!B'&,2(').'*()0'/&,2"!'")'&;&-"!',!':&!"',!'(&')/'!(&'2,-B'*%"()#"'*)//3%-<'
,:)#"'"(&');&/,++'&..&2"!')-'"(&'0,/1&"',!','*()+&4'
W-','0,/1&"'&2)-)03B'.)/'%-!",-2&B'-)')-&'"&++!'%-$%;%$#,+'2)-!#0&/!'()*'0,-3',66+&!'")':#3',-$'-)'
)-&'"&++!'%-$%;%$#,+'.,/0&/!'()*'0,-3',66+&!'"(&3'!()#+$'</)*4'F)'/&;%&*'"(&'%$&,!'./)0'"(%!'2(,6"&/B'
,!1'3)#/!&+.7'
84 V(,"'(,66&-!'%-','0,/1&"'&2)-)03'%.B'!#$$&-+3B'&;&/3)-&'$&2%$&!'"(&3'*,-"'")'&,"',66+&'6%&M'
V(3'*)#+$'.,/0&/!'$&2%$&'")'</)*'0)/&',66+&!'")',22)00)$,"&'"(%!'Q2(,-<&'%-'",!"&!MR'
=4 V(,"'(,66&-!'%-','0,/1&"'&2)-)03'%.':,$'*&,"(&/'/#%-!'"(%!'3&,/D!'2/)6').',66+&!M'V(3'*)#+$'
2)-!#0&/!'L'&;&-'"()!&'%-')"(&/'6,/"!').'"(&'2)#-"/3'*(&/&'"(&'*&,"(&/'(,!'!"%++':&&-'<))$'L'
$&2%$&'")'&,"'.&*&/',66+&!':&2,#!&').'"(&'!()/",<&M'
?4 V(,"'(,66&-!'%-','0,/1&"'&2)-)03'%.',-'&N6+)!%)-',"',':%<')%+'/&.%-&/3'$%!/#6"!'!#66+%&!').'
<,!)+%-&M'V(3'*)#+$'0)")/%!"!'L'&;&-'"()!&'*()'(,;&-D"'(&,/$',:)#"'"(&'/&.%-&/3'&N6+)!%)-'L'
2())!&'")'Q2)-!&/;&'&-&/<3R':3'0,1%-<'.&*&/'"/%6!'")'"(&'<,!'!","%)-'$#/%-<'"(&'"&06)/,/3'
!()/",<&M'
\4 V(,"'(,66&-!'%-','0,/1&"'&2)-)03'%.'"&2(-)+)<%2,+',$;,-2&!'0,1&'%"'6)!!%:+&'.)/'2)06,-%&!'")'
0,-#.,2"#/&':%<'!2/&&-'Fc!',"','0#2('+)*&/'2)!"M'V(3'*)#+$'0)/&'2)-!#0&/!'L'&;&-'"()!&'
*()'$)-D"'1&&6'#6'*%"('"(&'+,"&!"'-&*!',:)#"'KGE',-$'6+,!0,'$%!6+,3!'L'2())!&'")':#3':%<'
!2/&&-'Fc!',!','/&!#+"').'"(&!&'"&2(-)+)<%2,+'2(,-<&!M'

"#$"&$""!"""&#(#!#!#",

"#$"#("&,
$"#"!""(!"+
3,
4,
5,
6,
("%!"$#!"&#!")
(!"!"!("!"!"##!")
(!$#(#'"(!"#!##!")
##%!##!#!!&#*"#!"1&#2*
(#)
"#!$""
!""$!(0&&0,

3,
4,
5,
6,
7,
'#$!
"$!
#"

0

"$!"#&#"#+
3, ##
%!(#(,
4, ##

#(-"$#$#""!%",
()$"!#("&*$"# $'#$!,.!%!($(!#!
$"#"!,/
1$!32$"#!#"#"+
0
!#"!#!"!$#1$#"2+
o $"""!!#!**#,

o !"$(!!!**#,!&"*!#*!# $,
!#"!""!%"1$#$#"2+
o !""""!%",!!%$ $",
o $""$(""!%",

0

! !"!" )"$ ")" !" + " %%&
# '!!"#")#"%"#""!! !#""" "'!%)
#!"#&"# +

!" "$#!! $! #%"#" '$
"+

!# !!" !" "$#)"#" !+
-#," ! !+.!"!"%!#! )""
" #"!"%!#"+
/ ""$"!!# )#!% ) ,"" #""+

"!"$""%"!")" !" !$+

" " ! )%!#!' " " +
"!&) !

)!"!#!!#" #'""
+ " !
)!"!!"#!'#! +
"$#" "!"$#"" ")'"$#"
!#"$##"+

!# !))")"+
$!# #"!) )"+

'#!%' #!+
#'% )""" #"!"+#'#! )""!"" #""+

#"!!! $! #"+
% !"* #"!+
"(% !*!!"#"+
1

$" *1+ $ '

& %!%! %
#'
Y = C + I + G + NX

$ &
)
)
)
* % +'

*+'
!* +'

!$ "
!&
)
)
)
* +'
* % +'

!* $+'
$!% "$ $
!'
!$ !&
)
)
)
-2.%... 0..3% !$ $ %

!$-2.%...0..3'
% 0./.% $-2.%... ! $-2.%...%
(!$' '
$ *0..3+% $ *0./.+'
! (
'

! &
)
)
!$ % % !'
!"'
;

%# #$ '#%$&#$%$-$ $&#%*!*%$-#

# % &% /

%)! #%$"&.
2
2
)! #%$.!&#$$ $%*45!# & $* ##$/
&$! #%$.!&#$$ # $* &$ $#$/
*#)! #%$& ,
2
&!! $%% $$7988 #!$% #%$#(*$/

o !%&*-((%% &%$7988 -$% $
#*#/
o - $$%%(%%$-%7988 )! #%$%% /
&%$&!! $%%* &$!7988-888 ( #$/
o !%&*-(( &(%% &%$7988-888 -$%
$#*##/
o - $$%%(%%$.
$&!% #$$*7988-888-7988-888% /
&%! #%$#$-$&%#%7988-888# %)! #%$$ #
/
%- $%&/
(* %%$$$% (#% &%%% &%%%*
$%* #%-$!#% &%% %#&% $ )! #%$! #%$.
Y =C+ I +G+ X M
9$ ($%# ( % %$ &# # ! %$ #%:88</

(%1$$(%!!$% %$ ! %$(0
2
2
2
#!*$ &798% (%(/

o $&!% #$$*798/
o #$$*798/
###$ &3 ( ($%( ##+
o $&!% $*798/
o $*798/
%#&*$798 &#/
o $ %-$%$$% &#$%#%
&*798 &#% $% /
o #$$*798-$%$$ &#$ /
o $&!% #$$*798/
/
1

*
*
*
" ,/1'---$'"!! )
o "! &,/1'---)
o
&,/1'---)
" ,/1'---$'"!)
o "! &,/1'---)
o !%! &,/1'---)
o
")
" ,.-'---" )
o
")
! "!" ,.--$! !")
o !%! &,.--)
o
&,.--)
! " $!&,.--)
o # !! &,.--)
o
&,.--)
! "& ,.-$!"!"!)
o # !! &,.-)
o !%! &,.-)
o
")
!! "& ,1--!&"!'"!"! )
o #!" &,1--)
o
&,1--)
!! " !! $&$!,01'--- &)
o #!" &,01'---)
o
&,01'---)

&!!%!'!!(
.) & " # '
/) # ! )
$!&"! !!!#"# # '! "
! !$! # '$$!!!
!! !'
!! ' )

! !'&#"! # "! &!

!!#"

!! !)!#" ! # "! &!

!!#! &)
"%/" !! ! !!!$
)
6

#!"#$#"
GDP Deflator =
Nominal GDP
100
Real GDP
&#-""&#"&,
.
$##"""!%"!$!")$#!""#(#"+
o !""+
o
!""(#"$#+
o #!"#("$+
!"""!%"!")$# $##"!$"#(#"+
o "("$+
o
!""+
o #!!""+
!#!"##!!!##'#"#

+
$!2"&"#%$#!# "1865*
.
.
!&"%!#*!2007&"$#4#"#"1865%+

!&#"$%+!"&"!!##& $!#!"!&!

+

"$!"#%'#$!#(+
"#&$!!!'#$!#"")!!""!%"
"$!&.+
$##-"!!##""$!" #!!"#$*
.
.
.
.
.
"$!+
!!!#+
$#!&!+
%!# $#(+
$#(#"#!$#'#$!+
&%!)3!%"##"##"""")!!!""(!!#&#
#!"$!"&.)$'#($##!(!#"+

#<C><1) ,$' # (%*)###*!(!'.$9B;1;;;3
#=;;A1) ,$' # (%!-$'*/###*!(!'.$9=B"!!$#3

*))##1#<C><#'"$#$()# !#"$+) )$()&*')'3$'
#'!!.1)$()$!+#('(#')!.(#)#3
(%)'$*(($#)

$')
("(*'$)$()$!+#3

()%'#)')$##)
3
#,*#'()#$,)
($#()'*)#$,)(+#)1,#')*'#)$)
&*()$#2,$,('!!.%"$'1)'*()#$'#!)$#1*)$'$'*/0

<3 $#(*"''
#-
3 $,)
((*'
3 '$!"(#(*'#)$()$+#
3 !)$'#)

=3 $'')#$#$"'!($'))($
#!)$#
3 $!!'*'()'#)$#)(#"
3
#-)$#
3 !# $"#!
#)'())(

($"%*).)*'*$$'))()(671+($#$)%')"#)$$'1)$
"(*')$+'!!$()$$$(#('+($*).).%!$#(*"'3

!<!)()@()%(#+$!+#"(*'#)
2
<3
=3
>3
?3
*'+.$#(*"'()$)'"#)'!+#)4( )$$$(35
$')%'$$$#.'3
$"%*))$()$)( )#.'3
$$((.'#$"%*))$')*''#).'2
CPI =
Cost of the Basket in the Current Year

100
Cost of the Basket in a Base Year
1

3+ #"" !" "" ' ""&"*
Inflation Rate =
CPI in Current Year CPI in Previous Year

100
CPI in Previous Year
& 0!!#!) !"')"""!"#!'"%!+# 0

#!" "! "%"! '"!"+
""")" !#"!" ")"!# "!"
!! $!#"'""' +

! $"" "!# "!"$*
0+ #!""#"!+
1+ " #"%!+
2+ !# #"'+
!!#!'$' " !!! !!" "" !*
,
,
!"!"#""'# !&+
#")")!# !""!#!""#"!!&!$! &!$!+
!!#!""#"!#!""$ !"" # !""" #"!"$(

!% "!#!") "# ""& 0*
,
,
,
,
,
)" "! !!"!" """ # !+

!"# "!"# # !&+
#") "')!# ! '"#' # !% "!+
"" #)!"!!!!&!$""&!"#!
#""+
" "" #"!"$+

)"" #!"$$$!# !"!"!+
&)%%#'# " $(
,
,
,
.0//" "" !!" )%"" !+
.4/" "" !" )%"%$ "'!+

!"#" "!"!)!""" #"!"
$+

'"'!! $#"'$ "+
,
,
%# !"'!""" "# !"% " ' !

)$"!!" +
" !" " "!#"'+
=

4
'&&!&*& &&&&' $%&&%&*& &!#'&+ .&

&
&$' &!%&!( 0
+! !%&%(&&&'%!&! &%!&%&$"$!%.&

&! $&%! & !($%&&%&&$' $% &!%&!( +!'&:0>"$ &
"! &%"$+$0%&%$"!$& &.% !$*".!'$&+ &%&'%&
'")$%'&!&+ )+&&%&&!& &! $&0

%'+.& &!$ & !(&!&$.%%!) '$<0
$ .!)($.$%%'%/
4
4
&!$$&%&"$%!!!%
!%&+0
$%& $&%&"$%!!!%
!%&+0
!&1%%/)&"" %) &"$! "!$&!!$%%-

4
4
4
$%%0

'&& &!$!% !&0
%&%"$&'$+"!$& &) &"$!"!$&!$%%0
&"" %) &"$!!%&+4"$!'5 (%& &6!!$%%-

4
4
&!$ $%%0

'&& !% !&0
%! !$%'&$ $%%'%/

4
4
4
&!$%%! &"$%!!!%%'$$ &+"$!'0

$%& %%! &"$%!*%&!!!%0
!$ %$%) &"$%!$ &!!%$$% !$ &$ &$&%0

&1%!&!&#'%&! $!& /&$!$$& !$ &! .)!)%"!$.'&
58@:.:::6 ;A=;!$!$',58<@! 6 <::?-
! %)$&%#'%&! .%$%&/!) +2%&%3!!!%!''&'+ ;A=;-
Number of Baskets Bought by Ruth in 1931 =
$80,000 in 1931

Cost of Each Basket in 1931
!)%.!)')!'&%% '$!%&%(!%& <::?-
1
2007 Cost of the Baskets Bought by Ruth in 1931

= Cost of Each Basket in 2007 Number of Baskets Bought by Ruth in 1931
$80,000 in 1931
= Cost of Each Basket in 2007
!# (
2007 Cost of the Baskets Bought by Ruth in 1931

100
=

Cost of Each Basket in a Base Year
1
Cost of Each Basket in a Base Year

$80,000 in 1931

100
! # (
2007 Cost of the Baskets Bought by Ruth in 1931 =
CPI in 2007
$80,000 in 1931
CPI in 1931
! !$(
Value in this Year's Dollars = Value in a Past Year's Dollars
CPI This Year

CPI in the Past Year
!!

.40.5.2)/

/--35/-3
' (
Value of Ruth's Salary in 2007 Dollars = $80,000 in 1931 Dollars
207
= $1,089,474
15.2
" ! '!%*$!'!&

! ' $'
"*.40.$#,32'---) *" /--3
#$(
Value of Hoover's Salary in 2007 Dollars = $75,000 in 1931 Dollars
207
= $1,021,382
15.2
! '"*$ # ,1--'---/--3

$
)!)
<

$$%&!&'&!&!$$&! +)!$! &$&!!$!' &!$&&%!
&! /
% !&!(-!'$&+ &%$ *-&&%-'%&($++$%! &
"$ & $% & /
! ! &$&%!& %"+ *)%&& $%+$%! & &! $&/'
"$!(%! %!& $$$&!%

4 5/

!' &%-! %-'&!!! %- !$&%!$$#'$!$"+ &%&
$ &"! &% &-& &$%&$&%! &% (%& &%!$! %'%&%!!$$&!$&
&%! &! &!'&$&$'! !% /
'""!%-!$*"-&&+!'"!%&79-888 !' &&&"+% &$%&&98A
3
3
3
3
'$&.
+$$! !)-+!')(79-988.+!'$!$ 79-888"'%7988 &$%&/

'&&0%%+&&& &! $&!($& *&+$%;A/
!'(98A!$!$%-'&&!%!$%'+;A%%/
!'$1$2$&'$ %&'+98A3;AB=A/
&%*"-&
-&&%-& &$%&$&%&%'%'+$"!$&)&!'&
!$$& !$ &! -%98A/
'&& -!$$&!$&&%! &! -%=A/
$.
Real Interest Rate = Nominal Interest Rate Inflation Rate

!&&&&$ &$%&$& ( &(.& ! &$%&$&! +!'$ !' &
%98A-'&& &! $&&'$ %!'&&!9:A-&$ &$%&$&%98A39:AB3:A/
!%&$#' &+-"$%$%!($&-%!&&& &! $&%"!%&(/'&%!&%-% &

! !+'$ &$&"$%%! !&9>;8% " '$ &%&-"$%&'+
!($&-%!&&& &! $&% &(/%$"$!%!
%!""!%&!
&! /
%$.& ! &$%&$&!$&$ &$%&$&,
3
3
$ &! -& ! &$%&$&%$& &$ &$%&$&% &('!

!$%% !($&/
$&! -&$ &$%&$&%$& & ! &$%&$&% &('!
!$%%$% !($&/
*

)
"
$
$
(-+'!

#
#
(-,' (--'!
#
#
"
!
!
#

"#"#$! % %%%$," ,!## *$!&%% %$##% #
,
! $,!# #.*+
%!'#%"$% %&#*,#"#"#$! $#!( % '# &#%!3"# %.

$ &#*$$,&%%"$%%%'## !!&$'#*45*#$,
%%'# ! %%!*,%% !%32$% %&#*,$!#% $' %$$
#$%($ %&#*!,%% !%31% %&#*.*+
$!$%$ !& %#$,$&$ "!#,!&%!#, ( ,#"#"#$! $

#!( % '##%!7"# % # %$.$"$%%'## !!&$
'#*% *#$.%%##!%#!& %#$,$"* #,(#"#"#$! $ !%#!(
%.*+
%$ !)#%! %!$*%%%$$$&$,)"!# %$"%#,#$!!%!$%"!#% %

!! !$.

2. ! !#!(%#!& %!#
3. #!&%'%*-
%$! %# %$
. *#!&%'%*$!
"!#% %
. !(#!&%'%*$%#
.
*$"%
.
& "%
.
%&#$!&#$
'.
!! !(
. #%#!&%! & %!
4. ! !#!(% &!*

2$!($%! #"#"#$! 24!& %#$#!& %(!#-
2. "#"#$! '#$(*#!!& %#*%!!& %#*-
.
!"#"#$! %$ !(!&%6%$%% 23%$%%
.
. '# !
%!*$$$% '# ! 2871.
3.
%,#"#"#$! $#!( % '# &#%!2.84;$ 2871.
9

:1 $"2'& $&$&'#"'&#+(("*&"") &(#91=<B'"8>?70
1
"8>?7/*&"#!"$"+''! &(#*&"#!",#"
&"("1
1 #-/*&"#!"$"''! &(#*&"#!"&!"-"(
"("#!1

#"#!'(''()-"$&#)(#""&#+(#(" (#'(&(-(""#)(#"'#"&)'#/
' #&'(&"#"'&(' "1
*&-("&)'##"')!'/!)'($&#)!' 1
((&!"'&)'#2''("&# *". '
/(%)"((-###'"'&*'
$&#)-)"(# #&"$)(1
#&(#"#!-/()&)# #&(('('# ('("#()'(#"#+!"-+#&&'&
!$ #-/)( '##"#+!"-#)&'#(#'+#&&'() -'$"'#"(#1&#&/(
"#!$)($&#)(*(-'#)($)($&#)&#+#&1
#&#)&$)&$#''/#+*&/+"$)(("'*"!#&'!$ -0$&#)(*(-!')&'#)($)($&
+#&&1
''!'#*#)'4(# '(&) !#'(-"(#"4+"(""#)(&)'#/)(( '## '
(&)+"(""#)(4"#!#&,$"()&4$&$&'#""& 3+#& #"#!-1

((&!"'#+!"-'&)'#('.
'$&#)(*(-0#+!"-'('1
)(+((&!"''$&#)(*(-.
81
91
:1
;1
#+!"-'"$# '#'*.
#+!)(&"""'"#'*.
#+$ "() '(')$$ -#'"&'' ".
#+(*'""*"(""+("%)'#&("!#&'.
"/(''$&"$ ',("(#& 3+#& #"#!'1

&)'#('!#&''!#&'"$# '1
#&&'&!#&$&#)(*+"(-*!#&(## '1
-

) *
%
" " %

%
$
%

%
##
! %
" %
" #
' ( ## %

" %
"$# #
# %
$
+% $%
,% $%
" %
# #
%

%
"& "
%
$

+% $" " #
%
/

.'
$& $! " %
# ! '
" $ !'
" $ % $&
+
+
+
"$( """'

! "( $ "'
) "#%
" #'*

!$, "-'

'
'
$'
!" '

!$, "-'

$ "'
"'
"'
"'

!$ $
'

0 $
0 $ , "-
0$
0
0
0 "
!

0,-
3

"! " !!!"! !!( ! !!
$ !! "!"!+
! ! "!!! !!$%(!"!
"!%!

)" ! !"
"!"!( !!
04-0 0 0 0.
&(! ! !!"!"!( !!
14-1 1 1 1.
(&"*
4- .
$ !%4! !"!!$!
4-/ .
!"!" ! !! !!! $$$ " *!!
"!#!&-"!"!$. !&*
/+
0+
1+
2+
& !$

"!$

!" " $

$+
"!"! ! !! !" " $("!!

!$ " ($!! "!#!&+
! #! !" !*"!#!&,#$!!"!&(
#!!!" " "!!&!'
&("!# !& " ! !*
,
,
,
$!! !!$ "!

! # ",!+
!" " !!#!("! #! !
##!+
$" !! "! !&(! ! !
!!" " " !!!$ " &(
" ! !#&+
0

" ! " % % "&
%
-) % )
.) ! )
/) #)

% ! ! ' !! " )
! ! " " ! %)
.0 # " " )
!

%#% $ ! !
! % ! )
!! % ! !! ! !' !
!-)
! ! " !
! " % !

" )
! " ' "% ' !!
! )
' #!

# % ! )
+! " ! % +# )

! %* ! %" (
-) !# " %#
%)
.)
!#%
! ! !% )
" ! %' %$ !)! %!%
#! "' #* #)
! " ! ! ! "
! )
5

'!")#"##" !! #"$"'+

#"!'!")#"##"!!"*%!"#"! "!)"'
"%!"""'# '% !"+
'!"!$""#"!$ """'!"#!
!"$ + ""&" "'!"""" !,!"!$"%'!" !+ #"% !#%"%"" %'! #!
! $!) !!""!""%""!$"$ '+
! "! !)$ "! $'$$#"+

"##"!!""!!"%"#")"!$ !$
"""% !+
!" " #!"" $#" ""#"! #"30 ""
%" ! ""%15701760+# """)"$
" " " !'24 """"$ !'3+4!+

'!""'!#"##"!

*
-
'!"*!#!!!$ "'"$ '!""#"# +

#"*""! %!"'"$ #""#"# +
"%'""!" " " -!)"'"!!# """'%

"'"#"# "!"',!! !+
! # !!""#!'!""" !"!

)""!)""'
"& !#" "'$ " !# !"""'%+

" ! #"$"''*
1+ %#" '"!(!""" #!""'+
2+ %#" '" " "+

! $"!" !!"!""%)"
#"$"'+
#"##") ! $""$"!'!"$&" "!%

!,!!$ !#!'" " "$"!+
<

"$#"#*$$%$$$ #$$%$$ "&"#"
"$#$#$#$#,
"&"$### #""%$,

%"!%$" "%$&$(
0=26 3
"&&"$"$ "%$%$*#%#$#$$ %$"'$2"#
$%"'""#3*"# "%$&$((+
6, .%$/$#$# (#% $,
7, $"$$%""#%"#$$,
$$"*"## %$($ ""##"" *#$""
" "%$#&"&$,
$#$#.'#%$/$)
*$-#"$#("#%"*%$&$%#"#$#% "$$.
$%#/2$"
"$##$#"$
$%#*6;::16<893&'$$ %$"'$'%$$(
$'# " &"$(,

%"!%$
=26 3
#%#$#$$ "%$&$( "&$#$"% #$$'"$"%#&"#,

&&#$$
$1% $
&#$$""
"$"

%$
$%$"$

" "$("$# $#$$(

#"& $

%$"(#&#""$$#*""#%"#"&"&#$$
$*" $"##$(-# "%$&$(*"#&#$"##$%"$",
%$'$$$%$"(*$(& $$*# ''$$#&#$"
"$%$%"*'$"#''$$""'$&#$$# (# $,
'"#&"#&#$"#"$)

##$#$##$$%$#$($$ $$ "-#
#&#'$$" "#-#&#$$,
# $"+
., #"#$&"$(#$$%$#$$% $#(#$$ $(,
/, #"#$"$# $'$#(#$$#("
&"#+#&&#$$,
0, & #$$#"#'$$"#$"$%#$###$!%$$"
#% (%#$#(#$%##$#$#''&"%#
&"$ #$$$"#$"$*#&*&#$$,

., #$$%$#$ (
,
"$#
,

"$
,
$
"$
, $""#
,
#
,
%$%%#
/, &&#$$$$%$#
0,
"$" %#
, % (" %#
, %#$
"$" %#

# ##$$(",
/

%(
% "!" #(
"!%!# $ %# !# (
#!# $ %#" % !#
(
! !'
.( (
/( (

! !#"!%! #( &
# " %

(
# %'
.( (
/( (

#
(
%%'
.(
&#

! # (
/( #%! ! %(
$'
%!,.---# ! % /-0-14
(#! % ,1-%! /-0-&
# % ,.--- !(
'
.( ) ! !("
%# & " ! 0-%(%%&
% & "
# (
/( )

% ##!
% *%( & # %
(%%&# !% " %
# !% '#"
4

" !" ""!"" " !* (!!#''
!' "!('"!" "!" !"*
4* !! "

" " !"'"!* (!!#'
!""$ "!('" !"""!&" " "&*#!
"!"&$"(#!#!#''% " !" "!"!!!#'
$" "! $" $ "*

! """" !"!" "% ! ! "
"!""" !* '!#"!"! "!!
""!!" !*
&) "!!#!2(111(111! !!"("! !"!"
2,2(111(111"#!!!*
" % +!"$%("!!"" !'!

(%"
!!" !'!

*
"!$ +!"$%)
-
$""#'!"""'!& "" !" "# !"

!# (&"" ! #"'*
!$""#'!"""!'"! &($" !
"!*
$""#'!"!"""!$!(" "! (% !%"
! "!*
!$""#'!"!"""!$!(" "! (%%"
!% "!*
"#" "!"#'# "" !" "(!" !"

"""*!!"!# !(""! "!$ !#!!"! $(!
!" ! !'" ""'"""" '*

( $ !!" !("%
! #!" $ .$ !"
! 41 "!/" " 0 +!511.$ !" ! 511
"!/ !'%'!"! " ""!*

!""#"!" #%!$ !!#'#! " % !*
( %"$"'" #" !!" "!

*
%"!" """ !" ' )
2* !*
3* #"##!*
0

)
.* !
# *
/*
!$ *
#! ! ! &! !!! !!&&
! ! *
(!!!&$ # !$! !& ! *! (
! #
$ *

"!"" )
.*
! # *
/* ! !"&! ! , *
&+! # " !"&! ! ! # '
"!"" $!
&# !& ! ( !
& !"!& !!*
"!"" $ # !! ! !! &*

!!$!"! ) "!(# !!(#!
" (!%! )
3111
"!
)!$& !"(#$!# *

!! !!$!! !!$* !!
!$!! !!$*
$(!+ &!& & &$(& "!(3-

311
(! "! !!&)!" ! & !!"!"!"! ! "(# !(
" &!#!*
!"!
223
1
(

$ #
# %
44
$#$ !# %

5
"$" $#*
#+&

44
!
445*44+3*4+
!%
544
54

#"&

" #%
(
(
(7.$ $""

&
)6.$

$"
&
!%
(
(
(
(
-/1 &

-2 &
-/&1 &
" -/ &
'!'#$ $ $ $
&
%
533
5445-/1424/&15-0&1
1

$
44334+.0323.%04+/%0

$

4334+.03.324+0

$

434+.3.%043+-%0
(
!
)
#
%

$
'
'
'
'

#

!
!

!
!
%
&#
#
#

%
!
#

%

##
#
!

#

!
%

!

"

#

!
"

#

#
#

!

%

!
#

!

!

%

#
!

!

%

#

#!

%
#.#!

%

(

#
)

(

#

)%
4

'# "' !
#)
'!0' !%!" !#)
%* ! ! !% !)!
0' # ! 37)
#! ' ' # # !!"' %' 27&
!#!$ !%) ' %#!# #)
! !#! !# ! '!
" ! #! ! 37)
#! # " !!"' % 47& !%
!#!$ ) ' %#!# ")!
! !#! ## ! '! "
! #! ! 37)
# %' +" , ! "!
## ". !% !/ "! ## " .
!/)
! # '# " !"
" " % (
0) % !" !%!" !&
1) # % !" &
2) !!&

" ! "!
"! ! $ " ! &
%#! - $ ! "! #!" ")
0) #! !%!" !)
1) ! "#!!% ! %" ' !%!"
#! )
2) ' #!1' !! !!! %
!)

! ! " $ '" $ " % !
# %! # ! )
0) %#! !" !)
3

/) !##!! %" '
!"#! )
0) '#!0' !! !!! %
!)

! #" $ $"!)
" #%!) ! " ! '
!! " ' )
! !!! +%,$ " )
" *$ %! $"!' "
)
! " ! # ! '! ! $
' #!! )
.)
" " "!!") " *
! # ' ! "' !%!"
!)
/) !%!" '# !!%! %
" )
0) '#!1' !! !!! %
!)
!! '#!%##!%#
! )! " !" # )

!2# ! " ! '$ )
%' "" !#'# " !
%)
! #' " !! !! %# )
$ ("
* $
! .43."## ! &)

##(
.) ! %# " #
" )

*% )$"##$"',# $"#$"$#)
#"'% )$##%"*"$$$##%"$##%*')% )$
#$##$"$$"%$$),
$*"#$*$$$"#% )$&%"""$#,
"$)"$#"#*#$##$%#$'$'$) #% )$+
3,

#$"$% )$$$$)( "#
&%""$#*$$#*&'$)#$"##,
4,

""#$$$% )$$$%"#%""###,
$"$&)*'$%$$$%""$% )$#$)-#."%"$
% )$)% )$#$#"$"."%%$%$#"%$$%""$,
# $"%##)$$"$#$$%""$% )$*&
)##)% )$"$", "$%"*$ $"$%#)#"%"$) #
$"#"#$##"$#$$#$#%#$( $)-#$%""$
% )$+#"*%.''#*%#*)'#,

3,
4,
5,
6,
7,
$) )$
"
%. '#
#
)#

$% )$$ )"##$))$%"% " $$#$#
/ 0*'# "$$ "$$ ",
$*$ #$#$"#%"&)%$82*222%##$

,
#"# ##$#%"&)!%#$#*$ %$#%$38&"$$"
$"#+
/

.%
%
!
!#(

(#
#

!

%
/%
%
! ! #

#

1#

!

%
0% %
! !$ #
#
%
.

/--4
%

#!
! $
Labor Force = Number of Employed + Number of Unemployed

! #
Unemployment Rate =
Number of Unemployed
100
Labor Force

#
Labor Force Participation Rate =
Labor Force
100
Adult Population
&.

/--4$
(
(
(
(
(
(
! 7.13%-%

! 74%.%

745%4%

7.13%-64%.7.20%.%
!
74%.'.20%. .--71%3%

7).13%-64%.*').13%-64%.645%4*7.20%.'/0.%5733%

.!

/--4%0

%

&

"

&

"
/!

(

#

#
#
2%
0

"""!%# /)" !!#"%!""!""# "
#'""1+. "+
$# "!)" !!#'""'+"!"!"#
"#'""""" !! "!" !"&+
!"#" "!# "#'" ""!" %!#'
$ !#!%!#"" *
#!'% !!! )!" "! %+"!"
"#'" "(" !!)!"# #'% !!#%"
!"'!"!+
#"!#!""" %)""! !! *!%%#
"% #"!$# + '"" !!""! '
!#!"!"'!"!,"" +" %')"#
#'"% !!%)%" !%!%)"""!"
!" "#'"+
'" ')%"!"'!" "!""" )!""!# % !" "!
" (
%"# #'% ! !!)%" !"!
)"""!" !"#'" "+
!"#'" ","%'!# "' "%" "!
$ " "+
" !""! "!""# "#'"!!*!"!!#'"
! ")$"#!"#'"! $"'$""!" +
%""!"!" #(!&!%!%*
-
#!""11' #'+
%) !!!! )#"!%""""%+
#"" % !!" !"""' !"'#'" "
#' +
1/#"11#'"!!!"'%+
#")"'$"")" #""# #'% !!!""!"!
#' +
"&!""# "#'"(" % !)%' " #'% !

$# "!(
-
&"!""""!" % !"!"" !"-!#" "+ !

"'#'"!"

+
+

*
*
# "$ $!$

""($ $

(
$ %

"( $
!$""(

$"" !(
#"$"$ $'
*
*
" "$($"&
"( $ $(
$%%$#"%"

$"(
% $
(
$! %$ $"$

(
"!%!*
$(

%!$")"
$ $(
*" % $ *!"
(
! $% $ $
" (

+ " $ ""(
$ $ %"""
" "% "" !#!(
$ $"*""% $(
+$
" ! "" $"
$(
4

" "$!"' '
"

*"+'
%'%"" *
053/054/'
"" %*"' $
01*
" ! ' "
! $0/1/*
! " $
"")
.
.
' ' "*

"'""*

"" ! '$

#
$ $" !! $
*
", ! -" ""!
' ! "+!'
$"$$!"$" !
"" !$&
$$! $"$ ! "&$"
" !$&
0* *"" !*
$!
' $ ! *
1* *+$""(++
$#"* $$"
$"*
2* * " !""*
$""$"+""'
!"#"*!$' $
"'!!$ *
3* *+"$ $$"'$
" ""*'$"$"+
"'$""# *
6

1714&$".5 $& "" $ (
! ( " *
!"! (+

" $ $ & $
#

& &,
$ ! ! (
# " ' #

#
(
&) '
1(
! " (
$% $ $
$ $%
2(
! "
( $%
$ $$
$%
3( ! $" ! 1750(
$% $
$$ $%
4( " (
$% $
$$ $%

"!')%#$"&!! $!" # +
%" " !
*!#!!#" # !/0'#
"%"%"'# " " !/0'# " " "%"%"'#$+
'$ !"! )!$ '%""& !! $!+

#"%&"'!'(" "!#"!(%!"$ "" "!#'
'(%" !'"'!#' !!(
!#!"! "#!"!" +
&"" %"" "!"!#''"!" '
$ !+

2+
3+
4+
5+
6+
7+

'
! $'!"
!"
'#'
,! !
" '"
#!"
!!

"!%!')-"!!"'+.#"%""' '!"""!
!"
+
!"!#!"" -'. !!!)" ""!"!!"!""#!
# '"#'!! $! " +

2+
'! )""!)"""#' !$"! !&
!! $!+
3+
'! )""!)"#"!% ! !# +
4+
'!
)""!)"""#!" '%" "
!"""#"# +
6

& !$!!!& !! )! $!$ !
#!!!&+ "%*
.
.
.
&!(& ! !" !*

! !!& &!"& *&&" ! *
" (#"! (!" !!!! *& "*
!!!! !!$! ! !!!.*& ! !" !("!

"& !&! !* "("!&! !* !.$
!!!"& $ !& "&!!& $*

!&( # &* !&&(!!! !!&
$!! #"( *
##"("!!!#" ! !! #"!
! # *&$!"!! #" ( ! " &"
#!*

!!!"!!&&"!!&*
" $$!! "!& !! *! ! $"$""
"'
5* !&(! ! !"*
6*
& $* !#! ! !!
" ! &$!*
7* &
* $+!!" ! $! # ! ("!!&
!$!$!" &!*
8* & ( $!.$!# *
9* & 0 1*(!" +!
$!$$!"!!&%"!!("!!!"!!! !
!/!! %! / ! ! (!(&"*
#!&(!$!!" !!&."!*! (! #
" ! & !*$! !$&" )
.
*" &! ! !!&" "%)"&(

! (!#+ (,! ! -$ !!
! !. ! *
*" #&!5(" !&" ! ) # ! (&!
"!"" ( 0"3544(4441! ! *
"5 $ !566448* " '&'
B

(#)(&(&'0&(&'& & -)'(#!$)&''4-&"5((-" )"
@0&'#"'((&(&'&!"'#&
$-!"(''#$$#'(#

$-!"('4(("#(!#"(1+"-#)$--#)&&(& +(1-#)&)'"(
!)!#"(#" -$-#&+(-#)$)&'& &4
)(+ &(& "'&"#(" )"@1(- & -" )"( * #@4#&
&(&')'!+'$&1$#$ (## #(!#&)&&"-4
&5'#"#(&$).. 4
9
9
9
9
9
"A??E('(##)&&"-"&) (#"+'>EDF #"4

"A??E1(&+&ABA! #") ('"(4
>EDF #"8ABA! #"$#$ G>B1AEA$&$&'#"/
#(#(')&&"-' #*&''1''(#&#* )"#)"(&'+()"'( $# ( #&
#"#!'-'(!'4
"#)( -1'#!#(')&&"-' '# -&) &'"#(&&!" '4

;<'( #(3("'(()(#"&'$#"' #&#*&'"(
""'-'(!"&) ("(%)"((-#!#"-"(#"#!-4
& '&*-'(!#"''('#3
9
#&##*&"#&'"'"(#"
o *"#&!&'1 6#*&"#&'17+(@C9-&(&!'4
o " )"(&$&'#"#(& '&*-'(!3#&!& - "&"'$""
"#+"&""4
+ *& '&*"'
o
#("!#&('1" )"#'(#""+#&4
'"(& "1('(+##'3
@4 (&) ('"'1'''('"$&#''"; &"<1"(''"#&"':("
(&$#'('"1+"#(&'#)&'#&(&-)$1!" #"'(#"'4 "(' '(&# 1
(''(#(
4
A4 (&) ('(3(%)"((-#!#"-"(#"#!-4('1(#")('
4
!#"(&-$# -!"#!!((((' (

; <4 !('*&-',+'"#"''('#('*"#*&"#&'$ )'(@A'&*"
&'"('4 '*"#*&"#&'*#(#"#!!(('#"'2&#(("&#)$#D'&*"
&'"('*#('+ 1+((&'"(#(+#& +-'*#("!!&4
5

#"&"'%!" #""!#'')'#" *
""!*'#'!$ "!,!'!+
.
.
!!"'!#''#!%'. "'"#'$ "

!' $"$!" !,
!!"'!#''!$ "!" $"$!" !,

#!$" %!"!# '* 4*#!"# '!"!*
!'' *"" %""*"'!#' !!,#"%&"'!
"""! !!)

" "'! '%"#"!*% '!!"!# ',
#! !"'"""""#""'# ' #"!2433,
%!#!""!!#+"" !"
",
#"!"!*"!!!"!# -!'+""!!"!*
!"# '"!$#"#""!" " !! "# ' % "!
!"! ,
!"!""" $!#"!"#" ,"!!
%"#"!!
* "$#! !""433 "
!"! ! ! $!,
#!
/!!"0*"!%%"!"" 2433
# ' #"!!""+

! $!2433

!"!2433

"!"" 4'!#'! !#""!" !")
.
.
.
"(
# ' #"!'2433,
#"!"! !'2433,
! !"&#!" "!""'%"433. ". ! $*!"

#"'!#',
4

$ " !!! ! !!!!!!!, !
!&&#&+!) !" ! !!!#!&
!+ )# " ! !&)!" !
& !#+
! !&) # !

+ !
" ! )#"! ! & && !#"! + $$)
!&! !+ ! !! !!#"! !
!!+& ! !!" !! !)"!!!!! &$
$!!"&! " "!! "" +$!!
! !, &"!)!! !! !!
# (
$$" ! & !)$ &!!
" !&# ! # +
" !! ! !! # +
!" $!!" "!)!! !)!&$$& !
! # *
-
!&" !&"!&$+ ! " #!!!

" !!+
# ! ! &! "!
+
"! $ #$! &"!$! ! ,
" ! $!$ +
!, " !! !! #!32!+! 132.32

!/! ! # ! !"!+-"!$

# 132
152

! 1322

!, !!& "& "!! ! !(

-
! '

! !1322 ! +
"!$!$#! 152"&+
!!& "& 1352+
%" !! !!! # & !) !&+
7

!)$#)!!$!& "& "" ! ! !),!
&$!*
-
! #1544 ! )" ! +

$ #1:4"&)"!$!&$!!1:4!!+!!
"!!+
!$&!!"!! !!,!$!)"!!&"+

&$!! # & !)$#)!! !& !!!
! %+
$! !!, $ 1:4"&+ "&)!!$$!!
" !"& !* "!# !!+
"!!! ! ! !1:4+!, " !! !! !!"&)
! ! *!!+
!! 54! #!)!$!!1:4"&)
1:.54!/ # )!195"!+! -"!

# 1:
195

! 1:4

! ! !!& "&(

-
!!, " ! #1544 ! +

!, " ! #1:4 ! +
!, $ 195"&+
$!& "& 1544;:4;95<1685'
"!$!!, $" !195"&!"& !+

! !195 ! ! "!!!!+
!)! 54! #!) 19+54.54!/!195
# ) !186+:4"!+! -"!

# 19+54
186+:4

! 195
8

*##!%
,
,
,
,
,
* 1433(
* 1:3(

* 194(

*! 185(:3#(
!##1676(:3(
& (

*!#&
&!43
)(
& ## ( #
! ( #
! #! ! # #1433
&##14333(
&
- # #
-14333+1433;43(
" &!
& #
%$
&
;

4+;#
" ;3(4343&#4+;4+3(43;43(
!#

&
'
; +

;.4+/"
" & # #&
# #;;.4+/"
3

"!$!!!&"!
&"!4&
"&, # 41,
! !"! # !$!! "! !!"!!" %)
1* #! #!*
2* " ! !& ! *
! $! ! "! #!( &" !
# '
-
&"! $(" $ # (!&

( ! !&% "!*
! $! "! #!( &" !

"& $ ! '
-
(!&"! $(" $ "&(!&

! (! !&% "!*

"!( !! ! # ( +!
!& "&(!! # & !$ !&&!&
"& *
" !! +!"!$!&& *

!!

"$!"&
#! !
#!# ! *
!"&
#! ($&-! "& !
& "&&/1*"!$&-! ! !& "&&
#(" !&"!*
$!
#! (! & !$!"&(!&
"& &/1*"!! & !" " !(!&
"& &#( ! "! !!$ # *
!! &!!%"!* ! !! #
$!! !!!
#!!*!!
!" !! !!"! #"# ! *
!! " !!& "&& "! *
&

"

$ % #

%

#
$

#

"

#

#
"

#

#

#

" %

#

"
#
"
#
"
"
"
#

#
"

#

#

#

#

""

"
#

$

" "
"

"

!
0/

"##!"#!###"!#!"!#.#!"!"!%"*
!!$",
$"#*!%$"'*&#!$#&&!."$!%!$"#
'"&*&#!$#&&!."$!%!!$"#
#!!#,
!0*#!"!%"#"#!# !!"!%"*$#"!#!#""
"###"#!#+
.
.
.
#""*#"$'$!%!!"!%""%!#*!

,
!#!#!"#!"&##!$"!##,
#!$"!#&!&*#!"!$"&$
!#!##"$',&!!""$!#!$"!#&$!"$#*$##$"
!#!""#,
#!$"!#&!%*#!"!$"&$
"!##"$',&&!!""$!#!$"!#&$!"$#*$##
$"!#"#,
!0$"#!#"#&!"#!''"&-%%"#"!,
#!#%'*#$*&$##!"!%""###!#!#!$"
!#+
.
.
#""#$#*$"#!#!1*#"$'$!%!!"!%""!(#*!
,
!"!%$"#$#!#!#""###""$'
!"!%",
!!"01"$"#"###!-"##$!#&#"#&#!'
'"#!#"+
0, ###!# !!"!%"*## $!$$"!#,
1, ###!#!#$"!#*"$' !"!%"#####!#,
#!&'*#$#"#"+!"!%"! #!$"!#",
$##"&&&#$!%!!"!%"#"#,
'##$!%!!"!%""#)
.
.
!""-!#$#"*"###'&##!!!"!"#"
!"!%"#'%#!"#!#,
!""#!"-%!"*"###'!%"&#!!""$!!'#
"!"!%",

& $
&!
%
"

&

&
"

$ "
$
#

$

$

..

0'!' !!(
' (
!!" '$$

!" !$ (
1' ' !!(
$!

( ' $' %
!(
'! $$ $
!(
"$
!$"$

(
$ ' $
'""! $
% !!(
$'' $"$'"
!&
.( ! !! '# (
'
!!,$" #!!$
$ $(
/( ! $ " !
"'!$,"(
$'2 "" (

' !
$'$'" $!(
$
'$ $"($$ *+*!(+
$$'3""" '
! $(' $ '$ $
"#($$ *+*!(+
""!''$ '

$ $ " # '! )
'" (

"
$""
" **

# "#
#(""
" %# &)
"&"#
#
""
" *

"#
#
# *
" &
#

# ( # #
!
#$$)

#
#
*
#&#$
$
*
**
%### !! $

#$
$
# ! &
$
! !

$
!!)!$ !
$ !" !
% ! ' !*
!'' +"!*,

$
!
&$
!
!--
$
!
!-

$'$%

%
$%

%
--
-
&$$ $""

%
$"!'
%
!& !

$
!!)!$ !
$ !" !
% !! ' !*
!'' + *,

$
!
$
!
!-
&$
!
!--
$%

%

$'$%

%
-
--
&$$ $""

%
$"!'
%
12

!!!! # & !' ! !!!!$!$!&!

'!$!" # ! ! &!(
' ! " !$!$!" '!$!!! $
"!(
!"&"!! !1430 ( & ! "!"
$!$!! ! &!$!$" ! (
$&!!!!! % !!!" ! '
& "&(!&"!!!!
& "&'$& ! ! #(
&'! ! "!"! ! !& ! ! ( !
"&!!" $(
!!'"! !! '#! #& !"
!! "!!! !!"! !!$!' !!& ' (
" !$!!! !!"! '!)
% !!" $!$$&"!!$ ! #
& !(

" !!! !
! (
!$ "&/10$&- " !,"!&'!" ! " !"&" '
"!'#" *! ! (+

! ! /10

)"!&/10

" !!! /100 ! ' /10 # ' !/40"!(

# /10
/40
! ! /10

! /100
)"!&/10
78

&"$"###!"#
#'!"$'#5:6"#$#&-
#("576#"%$##!&#!&! $"#"+#.#!$#"""!##-
""/ $0$#"#/"%#-0#"""#"###$$"#"#"(#""#!"+$##.#
%!##"""#"#$!!( $($-
##*
1
1
!!&!"!%"!#!#!$"!#-
"/"#!"!#+0!!&(!#-
#"#&#"#5:!"!%"+#"#!!&59:-

"!%"5:
"5;6
#!""#"576

"#"5:6
!!&59:
!!". $#(576

(##!"#
#'!#""#$#&*
($"#(,$"#(+!$!#."$"#!"&##!(
#"(-#""+#$+#"!("#!$##"#!"'!
$'#"#&+"#!"#
#."$"#!"$"#$"#(&#!&#
$(#"#"!"#"##$"###(!%"!"$#-#""+#!!+#
!%#"#&!"!%"##!"#
#-#"'#(#
$!"#!$"!#+##"("#&#$'#"#$#&"
&"##%%$"-
$#(+"#+#!"!$,"#!"+!)###!"#$"#."
%$#+$!$"#&#!&#!"%"-#""#$"##"+$##(
"#+&"##!"!%"#!$"!#-#""
#!"#
#+##!&###!"+&#!!&!#.""$#
&&"#-#"#'#(#$!"#"$#&&,#&###"
/!"#!"!#-0
(+#!"#"$!!!#23"$!""#"#"- "#!"
&##%#"!$+#(&.#"#!(-""!$"""(
#!"#
"+##!+#.""$#&&"$!&!#!%#"-
56

&!" ! & !!!$! !!&! !*
/
/
/
! #+
! 0! 1!!&)!#& !/!!+
! !!!!!+
!!! !!& $"

! # $!#& !/!!"!/! ! + &$# "!
!# !!, "!$$ "+
!!! )! %!!! !!"! )
" %!!&!"!"" )!#!"!
#!! !/!! "+

$!, !!*

# 354
384
! ! 354

! 3544
,"!&354

" $!!374!, *!$ "!,!&+
$!" !$!!#"! *

# 354
364
! ! 354

! 3544
,"!&/364

#! ! ! ! )!!&$!!)!")$ !! ! +
, "!& $"!)!&)! - #!."!+
!$(
#!&! ! ! """! !
! ! & ! #!, ! !!+ !&)! $! #
!&5884 $ #+
!"" !%&" !-!'.!)$! $+
13

&)! ""! "("$ ""'".30 %',!!#
#"'! !(""!"%#"" % !+#"'!")

! $!.40
!.20
" !!"!.10

!"!.100
$"! !+#"'.0
$ "+!#"'.10

#".30%!)

! $!.10
!.50
" !!"!.10

!"!.100
$"! !+#"'.0
$ "+!#"'.10

+!!"%!"!!" " !!(#"%"!%'
"$ "*!!" "'!!'%" $ ""%(%!
!# '("*"!!%" $ ""%" '#"'!"!
"( (" !"" # !!*
" !!(" ("!"&!)"%!"#"'
!$' !!*
!"" !!$$#"' !!" """"'
!""#"!(#$!""! " ! " !!#
!(% "#!!" "!"" !%"! "
! $!'!"#"("!("$!!" ! "+!!#"
%%%" !!*
#"" %!!$' !!!#"#!'!%(#!" # !!
"'!!""#"!% $ '#'"%#"!" !
$"!!""#"!+! +!#"'*

$$)&,)')- &,*/$'#)&$'+)<=25 *,) %+&*+& - %46
%;@=;2+%"*
' ,+%%%,#*#)0&8?:2:::4,++% %2 %;@=;2% )$&%&*+% "#%
$&- + "+&*+(,)+)4
&-)## %)* %+#-#&') *2*$*,)0+
&)+#+&)2 *##

4
#+&,$&*+&%&$ */') %+#*+*&$ %#+ &%$&*+&++ $2 %+;@+%+,)0$%0
&%&$ */') %/+%') &*&## %') *2&)
4%#+ &%$+)+
&% % %+,) %+)** &%&<::?%<::@4
,)+)2&-))%+*2+)-%. -) + &%* %+ %#+ &%)+*.##3)&$)+*
/ %>')%+')0) %+;@>:*+&+,))%+)+&&,+<')%+')0)4
% %*&$&,%+) *,) %*&$') &*2/+)$#0 )+*& %#+ &%-%/') %4
%
)$%0+)&)#)
2&) %*+%2+') &%.*''))&*)&$:4=$)"* %%,)0;@<;
+&>:2:::2:::$)"*#**+%+.&0)*#+)4*' *&*&/+)$#0 %#+ &%)##

4
,+/+#0.+&%&$ &)*')&, %#+ &%2%#+&-) + &%* %+)+& %#+ &%1
%&%&$ +&)0##+

% +*++/**$&%0)+ &% *+
,%)#0 %,*& %#+ &%4
%+)*+ %#02+;?+%+,)0&++ *' #&*&')- ,$.*&%&
+ )*++&&)$,#+-)* &%&+(,%+ +0+&)0&$&%04$&))%+')&'&%%+.* #+&%
) $%4
+)-#&' %+(,%+ +0+&)0&$&%0+&/'# % %#+ &%2+ *'+)&*&%+& %+ 0+
&*+*++ %#+ &%2')+ ,#)#0-)0 )+*& %#+ &%2 $'&*&%+&%&$04

;4 #** #&)0&
%#+ &%
4 -#&) *%+#,& &%0
4 &%0,''#02 &%0$%2% &%+)0(, # ) ,$
4 +*& &%+)0
%!+ &%
4 ) &&"++!,*+$%+)&**
4 #** # &+&$0% &%+)0,+)# +0
4 #& +0%+,%+ +0(,+ &%
4
%#+ &%/
4 *)+
6

6. $%$
%
. &#$ (#+
. %# $%$
. & $%$
. %' ##%*
.
% 3
&)$% #% $
. &$
'
. #%##*$%#&% $ %

"&%%*% #*$ %%

,&$%%#%
& %##*(#%#$ $.

/'#* $#'%%, #)!,# $%$ % #% *%%%
5874$-
3
3
3
$%$&$# $#$ &%%#% *,%%! !#(% !* #

#%+ # * %.
#*,%#$%!# # %$%% #$' $$
'&, %%%# $' #'&.
$$,%%/$(%%"&%%*% #*$ &%-%'& *$ !! $% %

'& $.
%$ #%,% %%!#',$$&#*%

#% % #-
9&# #$% !&#$$%
P=
$$#'$
dollars
basket of goods
(!%#$ # &-
1 baskets of goods

=
dollars
P
529&# $%/$
$% 0!&#$1 #
$$%"&% %$%%% ,#$,#!#$%$%'& *.

%#(*% % &%%$-
3
3
$%0 #!# $1

52$%0 $!# #1
.

! !
&

,'

%
,

!(
(
!!$
(
(
(
(
(
(
(
(

! )
!)

"

%
)
,')

%
!

%

!
$
o !#
!
%
o !,'#

%

!
#
!
%
!!
#
! !
!
*
!

!+%
!,' !

!%
!
#

!#
! %
!

# !!#

! %

!,'
! #

! %

-

!!#!
(
(

!
!#

!!!#

#

!
!%
!#

!,'

%

#
#

!!
%
!

#

!!

!

%

-

!

%

!!#

!!%
(
,'
#
!!% #
!
! %
9

0
0
0
&$"#'#!(#$(!""!%"-"$""#(
!"#!"+#"!(7/#-
#!&"##'#!(#-$###&#(#
!!&!&&#"#$(!""!%"-+&!"7/&-
"!""&#$$##!( $!$"!"#!#!!%-

$##(#!(("!"&"#("$(##!%-$#
&#""##!%!"++$(#+#!"#!#"*
%$"#!!""$"###%!"%##&!$"-
7-

##!"$!$#"(1#!($#"2-
8-
##!"$!$#""1("$#"2-
!##"""#+!',
0
0
0
0
"%!$"#"$!"#!%$(."$#$#
""!%"-
"!%!$"#"$!"#%$(."$#$#"
"!%"!!#!#+##"+###""#%$(-
"%!$"#"$!"#$!!"##!! $!#
$!""#""!%"-
$(#!#"!%!$"#"$!"#!##!!
##"$(-
"#!#"!#!%!""#

-
$##(#!(("##"#("$(#%!"-
#!(
""#$!#!+"("##"#("$(
#!%!"-
$."#$#'!#,
0
0
0
0
$"###("$($"!4766#4866-
%!(("#&"$(+$###(#!$""!%""#
-
#!"#"$"#"###%!!%"$$+%$#$##!
!%!"$-
(,"$"#####&"!78"#:"-$
#"%!(#&"#*
)%!(&$("(#"#"!+
$##!#&"$!#&$#&"-
!(+&#%!#$"#("$(+#(" $##("
!$&$#""!+$#!""$!!"&$#&"-
>

'! &&&&&&!$&"$(&!'+'%&&! &! +
%'""+/!+-!%&! !%&%$&&&'%& &"$!%%&%&/
'& ' !%&! !%&%&!+%!$&& &! $' -! &$+ '&$&+!%&$'/

!" &$+"$%"&(! &#' &&+&!$+!! +'%! &!&

- %&$&&)! + % %-%%'$+& '$!&%
!$ &! !+&%%" &'$ +$/
&&+-&(!&+!! +% %
A4*51
$%$-%&&!$-*% ! 3$&& ! %'$%&
!$('!*" &'$% &! !+%)!3 %&#' &&+!! +/
*".
2
2
2
2
2
2
'""!%&& ! !+"$!'%! +% !!-",,/

! !+"$!'%:99",,%"$+$-%!&&A:99/
",,!%&%7:9-%!&&A:9/
#' &&+!! +%7>9-%!&&A>9/
&-A4*51A4:9*:9951>9A:9991>9A;9/
)!$%-&!&%" %7:9*:99A7:999/'&&! +%7>9/!!$%&!

%" &:9991>9A;9&%/
$$ &#'&! &(!&+!! +%&!&%!2

.
*A*
'$<"!&%&! +%'""+- ! *- (!&+ &% :@?9.
2
2
!&+%$ $&(+%&/
-! 2$' $% % "$+! 2$' $% ! /
&$%!&#' &&+#'&! -&#' &&+&!$+!! + &!%+$&!

! &$+ '&$&+ %&&%.
:/ (!&+!! +%$&(+%&!($&/
;/ '%(!&+%%&- $% &! +%'""+%&! $% !
*/
</ $% !% !&&$ &! $' -'%&! !+0%!'&"'&!
!!% %$(%%"$$+&$ +&(&+!&!$%!"$!'&! 4!$-
"+%"&-' "&- &'$$%!'$%5 +&%&!!& !!
!)4$!'$ +%%$!"&$;=5/
;

9. ,% #&,%#$ # &% &%*#$%
"&%%* *$#%%!#'#%#%# &%!&%.
:. $ ,(%%##$$% *$&!!*,%#$&%$% .
&#9$ ($%' # *$&!!$% #%$&# &#!# $ *!#% .
0
0
0
&#$$,!#'$# $#%*%(% *$&!!$.

&#$$,(%)%## (%% *$&!!*,$ %
*!#% .
*$$ %$)%#$% #$$ $%# $%$/ %"&%%*
% #* *.

* $ $)!#*!#% +
$%(*$,%$&$% '#%$% #$#'&% $!,&% #! %
#$ $ % %%%#'&%# &$%# %)% . ,%&$%!* #% $
$#'$%!&#$$ %(%)$% * %%# &%)$,&%$%&$(*0
#% *.
*#% $% % ,% ##$% %#'&%%% '#%
#$$%# & *#% .
$% #*,*$$ *!#% &#&# #%#(#,(% '#%$
# &%$ #'&% '$ $!,* %'%%*% #$%$
#'&%# &$%# %)% . %*!#% $$ (&#9, #)!,
&##%%#% ##
.

%#!!% %$$ % *$% %#$%#%$-
0
0

$%%#$%#%$&#(% &% ##% #% .

$%%#$%#%$&#%# ##% #% .
# !%#79%%%%*,

%#$% %=
%#$%#%1
% %
)!-
0
0
0
0
!*$%#$%%%#% <!#%!#*#.
&! $%3655% *,'365<%% *#.
&%%% #%$8!#%,$ * &# *)%*#&*$8!#%$$.
&##, #% 0&$%,#%&#,$<!#%18!#%=9!#%.
###%$"&% % #
7
" !"";" !"":""

" '#" "'* !" "' %"% !" ""*
#"$" " !" "#+
*# " '#" "'* !" "' %"%"
" !" "!%! ""+
!"" '#" "'"" !" "!!!!"%""!" $! *
" "!!""" !" """ "!"
+
# 5"!"" """ !" ""'!3962+
"""
"!"%$ !$"" * $$ "! "+

'*!"!,!"!$"""!!"' "'+#"
%')

'!"#!"'$" !"# !% " +
""! #"!" (!""%"!" !" !
!! $!*"!!" !. ,"/%!!+
.",#!"/%!!!#* "" " '#" "'*
#"+
! #"%# "'*!!" '#" "'!+

#""! "$#'"" !!! %"+
#!*%" !!* " "!" #"#"!'"""'*
&*'"" " "*#"%" %! #"!"+
!"!"" !!"%""! "!

*!" '
!% #"! !!%"" "+
'*# " "!""!# "' $"*!" !"!
!-'$" $+
#""!!"!!#!""# !!' "+
,
# "$' "3985* ! !"# "48*222 "+
3

*
*
! -(21 (" ! #'
%-. " !(
" %' %! %"
(

!# ' %
! " !#!(
' ! ! '! !
(

! ! %'! ! #!# #
% '# %$ ! !! % (
% '! #! " ' ! )
" " "(! ' " ! ' ! )
"(
! " # "(
$ ' # ) % ! %
!(

#* % '
$% % (
-! $ # # $% (

*
*
*
*
*
#'# & #

3 (
' 0 (
' ! '

( & ' 0 '! # 3
' -. (
! $ .1 (
o
# 0
' " %-
$(
o ! # -.
' " %/ $(
& '
! "/ (
! # 3 '
!! - (
' " %!# %# 3 (
5

!&" " " !&"!!&( '"!

& "& "!# !!!
./ !3 )
!!!'"'$!"&'!$""
#!! #!)
%!!&'! ! "!!! !)

" !!&"!"!0-*&!!4!! !'%!!!!!0
!)
! !!!!&"& 1!)
"!$ " !!"%!&'!!" "!!.!)
$!! !!!!&"& 3!+ &)$ '"!
&" )
!!'!!" "!!2!'!! !!&"& &/!)
"$'"!! )
%! !! !"! $! $ ) !
!! "!'"!$$$ $ '#&!!!!
! ! !! !"! )

!!&#! !% #&$! !" !)
& " ! ! !!#$! $'"!"
!$! ")
$#'#! !! !'!! !$!!!%#
!#! #)# !'"%!'!
!& !"! $! $ )

)!)+"##$ " "+"##$!$#$ +&#$
' '$ )$ !" % " " &"$,
%$# )"#+$# "" '$ # $ %",#!" # #"#
%! )$"'$)""$&) " '$)"
"#&",$%##$## "$-"%%$%$ # $&$)*
#!$"#$"$#)!"#$# $# %$# "$-"% %$%$ #$& !#
$
$ !(!%"#$$ #$#,

., "
)$# %$ %$%$ #
/, (! "$- %%$%$ #
0, "$%"&
, )$"$%"& !# ''"
, )$"$%"&$$
1, "$%!!)%"&
, )$"$%!!)%"&#"$$ %
, )$ - %"$%!!)%"&$$
, #"$ - %"$%!!)$ !$ - %" '$
$
, )$"$%!!) !#!'"$ "$ %
, )$ "$- %"$%!!)%"&$$
2, ' %## %$%$ #
, $# $"$
, $# $"$%!!)

%$%$ # $&$)" $$ ,%$$#$"## '$
#+#$#%$%$ # $ '"%"!"$!$$",
3
-.!2# '27612763'!

'# 27723112*
$"

!
" %! %' "
! ! #
) '" '! ' '' *
! "! ! *
-.!2# " '
!' ! ! #%*" !" "%! ,"
'
! ! ! ! #,
!*
%"!

-.!2# !% %!*

#' !% *
! !% " &( ' ! ! ! !
45 *
#

"

'#
!! %! '

'#!! %*
%' %!% "!
"*
%! %#! !% "'
! ! !% ' % "' *

#

" %! % !! !'
%!%" ,! *
" '"!'" %!%
! ! % !*

!% $ ,!
! ! " %! ,! *
! " #")
,
%+! %! ! '#!%

*
0

+
%*"'#!% )
#"" "'

! # " %)
!/! )
+
+
##+ # ! %"

!'' " '! # !% ")
!#+
# ! %"

! ")
! # !"'#% %" #!/&

!/!0' !"#'
"' ! %")

%* -. ! (! -.'

" -.'" !-.' $ -.(
2111
#' * $%" %' ")
% ! '" ' $ "&
!
# "!(% #
)
"' "! # , ' "!
!,)# !'
! %")
"%'# "' "! %# '
! ! %")
!
"' "!!*%)
'!# ! %%!)
%' #)
*

"%" " ""!
'
!$%"!%! ($'
% "$ $ $ '$%
"'%%" " "
"!'
%!%!&!%
!'
%% ( %
"$ '
"

!
%
"'

!!%
!'!
( !%)$!%$" $
'
%
%%! '
$" % #!
'
!
'
$"
% $
'
#'
!$%"
!%
"'

!!%$ $ '%

%%! ' $
% #!
' !

$ $"
'
#'
%!%#&!%#'
!

!%$"
!$!!' !'
" %$"
!$!!' !'
/

"% , "'
#!
# '
'

%#!! #
'
'
"% " ) %!
! # ' % !'
! #%!
* ## %+
# # '
% #! !% !
# '
#%(+ ##
# '
#!%! #
'

! # # ##

&
% '

" % " # '
"% '
#%!- ##." %
" % '
" " ' % %
% '

%! " '

" ! '

%! ! #!! % #
! #$
'

/
!
!
$
!'

$
$

& (
!!

!!

$

!

$

&

!

!

!!

(

!

!

$

-&
!"
!

(

!

$

$
&

!

$
&

!

$

&

!#!

$ %
*&
!
$
&
+&

!$

$

"
$&
,&

$!

&
-&

&
.&

&

!"

.

!

&

&

!
$

&
$

$
!$

!$

&

!!
$(
$
$

&
$
!$

!! &

!!

$& $
4

""

&

)
""$

"

$"$

&

$
)

"
$)

"
$
3&

))

"

"

"

!
%
)
)

!$

&

!$

&

!

))

"&

$"
"

$

)

)

"

"
"&
!

" %
)
)
)
)
)
)

"

$
!
0//$

!
$

" -1/&

$
$50/2&
$

"

$

"
$
*
$
+$' &(

"
$
&
! "

&

" %! " $

$

&

""
#$
$

&
"

" $ $
" "
&$
!
&
4

! " $ ! )!
%# ! )$ &$! " !!
% % /2)35 * + !)%
% % &! ! %$)
! !! /2)35! "& %
"& !! !$ %)!#* +
!) #" !! !%)!! ##
!! ! )& !$ %" ! ! "
! )
%#"( " !! !$ %#& !
# * %+/2)35#$")
#!%'!! ##
# !)!$ %#" ! ! #
! )
! & %# %& % % ! !&# !
! ! # ! ! )

% $ !# , ,! !%!"
%)
$ ! # %#(
,
,
,
,
,
,
,
!& % &"%$ " ! 211)

! & " 6221)
& " & " "%21 )
,!&#"&"! % %" %!
! )
" % !& ##)
! & !$ %"# ! ! " !
)
"%& "!$ & "! %"
%! #! ! )###)
!$ %## ! ! # ! )

! "# - %# & %&
- ! & % !
) % ! ! % & & %! #
#% !%!"!# )
% ,! (
8

' &&+!'&"'&'"";&'$&!'&"'&93&' $
(:*"& $
(4
$% '$&&!($ %&*& &&!)&'!'&"'&$%"! %&!' *"& %
&"$(0
!&&&&%%#'&! 2 !&&$&!$%2%!"&'$%&&& &!
$' .&$*"&&! %(%&&!$! ,&' % &"$(.&! 1$'
$&%'""+'$(%($&0

#'&! $!!(%!!)%'%&! &+&!$%&&)%&&%!$&1$' $&%'""+
'$(/
50 +& &&%&%& &'$$&!!'&"'&3 &! 1$' $&%'""+'$(40
60 % &*"&"$(0
#'&! &%&& $% &*"&"$('%%&#' &&+!!'&"'&
%'""& +( &'"$(&!$%0!)-
! %$& %)$( +%&+)&!$+/
1
1
1
1
1
&*"&"$( $%%.$%)%&$)%&!!" %&)!$$%!$&

$!%&!( 0
'&.&&'"$(%! %& &.&% %$$)%0
$%)$)$)!$$%. "$!'%%!'&"'&.&&( "$(0
%!$&1$' $&%'""+'$(%&%&!&&0
! ($%+.&*"&"$(%.$%)&!%&!)$)%.$!$
)!$$%. "$!'!$!'&"'&.& +( "$(0%!$&1$' $&%'""+
'$(%&%&!&$&0
+!'(& %)$%%&+)!'"$!(+&%&+"$ %"$"&! %&!$%-

'$7"&% &! !+ &%! 1$' #'$'/
1
1
$& &$%&%)&! 1$' $&%'""+.&$ !'&"'& &"$

(0
'&$.&%!$&1$' $&%'""+"%%%&$!'&#'$'"! &%). &
&&&*"&"$(%'%&&!&%! 1$' #'$'%)0
$!&%%&$& "! &.) ! %$&&%!!$%&&%&&$$& !$

$&%'""+.!$ &!&%!'$%&"%/
50 )&$&( &%&%&$& '$(.&$&%'""+'$(.!$
!&0
43

5- '"$$%"&#$#-
6- #$"$"$#% )"$#'%$ %$$ "&
$#"$"%-
7- #$#"$#'%$ %$$ "&$"%-

$.##"# ( ,'& ###$#$)+%# $#+
#$"$"#+"#$ %# "#-$ #$$)#"#%$*
4- $'& ###$## #+$#$#$"$%"&-
5- %#%##"#'$$%)#"!%$$)#$& "&+$
"$%"&#$#$-
6- %"8#'#$$$#"$"%$#$'"#$"$%##%$ %$$
'$#$%""$- "&##'-0)%$$# #$"# )
#$)'+#$) "+# " $#$"#*1&'&" $$
$%"8-
7- #$ ###+'&"+$( $ "&'#-##$#$"$#% )
%"&$$"$0+)%$$# #$"# )#$)'+#$) "+
# " $#$"#*1-''&$ $%"8,$ "&##$%"$"+
%$%$ %$"$%"#$$#$%""$-
$#( +' $)##%$$$&"$#$"# $)$#&$#-
$" ##$)#$$$" #"&%"# $$$"$)
"#$)#% ),
/
##%##""+$") )#+##$'$"#"#"&#$
)#% )"#$"#$"$#+'#$$"$%"&$$
"$+#$$$$$'"#$-
$##+$)&$$#$/"%!%"% $'$%$#$
$( $ "&'$%$#$"$#% )-
%"9#'##"$#4933-'"#'##$%$,$
%"$"$ "##$"'$%"""-
#$#$#'$"$ "##"$)#%
/
/
/
/
)-
"4959$4966+$)#% ))58 "$-

"($$+$#$)#% )'#$"#%$%"#+'$
$"$$)%$ "-
#$#$#&$$$#%&%&%#$$")
)#$#$$#$)#% )+$"$ -
%$+'$%$$#$") )#+$$)#% )%#$"$
%"&$#$$$$-
77

2
!$ &!&$- &%!$&$' -!'&"'&%%!%&"$(/ - -&

$&"$%%! )% !&! +"$!! !'&"'&-&)%%!"$!! "$%-!$
&! /
( &'+-*"&&! %'%&&!&!)$"$(/$&%'""+'$(%&%&!&
$&/"$(%'$&$-'&!'&"'&$&'$ %&!&% &'$$&/
'$ !$$ -!($ &3&$+4%" $!%$&+/

2
2
2
$% !($ &"'$%%'%%&$& '$(&!%&&!&$&/

&%!$&$' -!'&"'&$%%%!%&"$(/
&! $' -&*"&"$(%!$%%/$&%'""+'$(%&%&!&&/
"$($%%'$&$-'&!'&"'&$&'$ %&!&% &'$$&/
! !+%!*"$ $%%! '$ 8667-!%&+'&!%&% $&

.
2
2
2
2
2
&) ''%&8666 ''%&8667-%&!"$%+!'&89"$ &/

%&!"$%%&%$& &!&&/
"&$8667-&$$!$%&&&%&)!$ % &! /
$%"%%% ' $& &+$!'&!'&+&&&%%!%&&$&
'$(&!&&/
'&&$ %$($%"! +'&& &$%&$&%-)%)%'%%"$(!'%+
(!(% $% &! +%'""+/%!-! $%%$%"! +'&& &*%/!&%
"!+%! %)!$&!%&$& &!&$&/
!&&&%&!$+! '&% % &!&!*" &!%&$ &$%%! -
866: 866;-*"&&& %&!& %&!"$% &&$$!$%&&&%-)
!'% "$% #'&+1%!( +$%% & %+%&/
-! 866: 866;-&$%"! +'&& &$%&$&% ! $%%
$%"! +$& &*%'&%!)&%%( $% !($ &%" /
&0%! %$! *"/&"" %) &$ %$('%&%&!%

! &$+"!+,
2
2
2
2
-& $% $%$(% &! +%'""+ & &$' %$&
!&$ &$%&$&%)%&&$& '$(&!$&/
'&"'& $%% &%!$&$' -%!%&"$(/
'&- &! $' -&*"&"$()$%%)-%& &$&%'""+'$(
&!&&/'&"'&$&'$ %&!&% &'$$&-'&&"$(%"$ &+$/
%*"'%&$&%!)&$& $&%'""+!$! %&
%!$& ! 2$' &%!! &$+"!+/

&0%%'""!% &&&! !+%&$&%!'& &%! $' #'$'- )$& -

! 2$' $&%'""+- %!$&2$' $&%'""+ &$%&/
34

%!#!""" !! #""% %!#!,"!""'!
!#")
3, #!"$"'"# !# !"! !-"'" #!*"
"!#'# $!"!,
4, #!" #"!#!!" #"!"' !" #
!*" "!#'# $!"!""",
5, # 32!%!"""! " #*#"#"!" $ !!, '
& !
+!"" %"",
6, !!#""!#! $"#' !" #*%$ *"/ # "
!#'# $ !&,!"*!!#!*"! "/ # "!#'
# $%!"""! !",
!&!!#!""$ "' !" !""!#'!,
/
/
/
# 33!%!%"!%*!"*" ! $&!"'!#'

!! !!$ "!""""#" ""! "/ #
#"#",
%*"! " #*" "# $!"" ","" '. !
!"##!"!!#"'!" *"$ " #"#"""!"#
"$"! " #,
#"*!"# !%!*"!!""!"""$% !,
!!"!*"$ "!!" "!" "!#'*
" "' $ "!#"#"#"'" "
"!"!" "!#',
!"!#!"!!" '"&""& "# "
3872!+" ("
" #& "#" !0
1 "" "'"
# ""!#'"% "! "" !" , *
%!"$ !!*!" ''+"""!"
"!#'*#"""!"!#""'" "!
",

Mankiw Notes

Hochgeladen von

Dokumentinformationen

Beschreibung:

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Beschreibung:

Copyright:

Verfügbare Formate

Mankiw Notes

Hochgeladen von

Beschreibung:

Copyright:

Verfügbare Formate



  !    

    

    

/ ""$"!!# )#!% ) ,"" #"" +

   

   

 * %  +'

!*  +'

  

  *  +'

  * % +'

  -2.%... 0..3%  !$ $ %

    

  !$ % %  !'

)! #%$.!&#$$  $%*45!# & $* ##$/

&$! #%$.!&#$$  # $* &$ $#$/

&!! $%% $$7988 #!$% #%$#(*$/

#!*$ &798%  (%(/

!#!"# #!!!##'#"#  

 !&"%!#*! 2007&"$#4#"#"1865%+

#<C><1) ,$' # (%*)###*!(!'.$9B;1;;;3

#=;;A1) ,$' # (%!-$'*/###*!(!'.$9=B"!!$#3

  

Cost of the Basket in the Current Year

CPI in Current Year CPI in Previous Year

& 0!!#!) !"')"""!"#!'"%!+# 0

   

!!#!""#"!#!" "$ !"" # !""" #"!"$(

 )" "! !!"!" """ #  !+

.0//" "" !!" )%"" !+

.4/" ""  !" )%"%$ "'!+

%# !"'!""" "# !"% " ' !

'&&!&*& &&&&' $%&&%&*& &!#'&+ .&

 +! !%&%(&&&'%!&! &%!&%&$"$!%.&

  

!&1%%/)&"" %) &"$! "!$&!!$%%-

  $%%0

&"" %) &"$!!%&+4"$!' 5 (%& &6!!$%%-

 &!$ $%%0

%!  !$%'&$ $%%'%/

 &!$%%! &"$%!!!%%'$$ &+"$!'0

  

Number of Baskets Bought by Ruth in 1931 =

!)%.!)')!'&%% '$!%&%(!%& <::?-

2007 Cost of the Baskets Bought by Ruth in 1931

2007 Cost of the Baskets Bought by Ruth in 1931

2007 Cost of the Baskets Bought by Ruth in 1931 =

!  !$(

Value in this Year's Dollars = Value in a Past Year's Dollars

CPI This Year

Value of Ruth's Salary in 2007 Dollars = $80,000 in 1931 Dollars

" !  ' !%*$!'!&

Value of Hoover's Salary in 2007 Dollars = $75,000 in 1931 Dollars

 !  '"*$  # ,1--'---/--3

+$$! !)-+!')(79-988.+!'$!$ 79-888"'%7988 &$%&/

Real Interest Rate = Nominal Interest Rate Inflation Rate

!%&$#' &+-"$%$%!($&-%!&&& &! $&%"!%&(/'&%!&%-% &

 $ &! -& !  &$%&$&%$& &$ &$%&$&% &('!

 (-+'!       

%!'#%"$% %&#*,#"#"#$! $#!( % '# &#%!3"# %.

!

/ ""$"!!# )#!% ) ,"" #""+

* % +'

!* +'

* +'

* % +'

-2.%... 0..3% !$ $ %

!$ % % !'

)! #%$.!&#$$ $%45!# & $ ##$/

&$! #%$.!&#$$ # $* &$ $#$/

&!! $%% $$7988 #!$% #%$#(*$/

#!*$ &798% (%(/

!#!"##!!!##'#"#

!&"%!#*!2007&"$#4#"#"1865%+

#<C><1) ,$' # (%)###!(!'.$9B;1;;;3

#=;;A1) ,$' # (%!-$'/###!(!'.$9=B"!!$#3

& 0!!#!) !"')"""!"#!'"%!+# 0

!!#!""#"!#!""$ !"" # !""" #"!"$(

)" "! !!"!" """ # !+

.0//" "" !!" )%"" !+

.4/" "" !" )%"%$ "'!+

%# !"'!""" "# !"% " ' !

'&&!&& &&&&' $%&&%&& &!#'&+ .&

+! !%&%(&&&'%!&! &%!&%&$"$!%.&

!&1%%/)&"" %) &"$! "!$&!!$%%-

$%%0

&"" %) &"$!!%&+4"$!'5 (%& &6!!$%%-

&!$ $%%0

%! !$%'&$ $%%'%/

&!$%%! &"$%!!!%%'$$ &+"$!'0

!)%.!)')!'&%% '$!%&%(!%& <::?-

! !$(

" ! '!%*$!'!&

! '"*$ # ,1--'---/--3

+$$! !)-+!')(79-988.+!'$!$ 79-888"'%7988 &$%&/

!%&$#' &+-"$%$%!($&-%!&&& &! $&%"!%&(/'&%!&%-% &

$ &! -& ! &$%&$&%$& &$ &$%&$&% &('!

(-+'!

%!'#%"$% %&#*,#"#"#$! $#!( % '# &#%!3"# %.

$!$%$ !& %#$,$&$ "!#,!&%!#, ( ,#"#"#$! $

%$ !)#%! %!$*%%%$$$&$,)"!# %$"%#,#$!!%!$%"!#% %

"/(''$&"$ ',("(#& 3+#& #"#!'1

$

"$( """'

"!"! ! !! !" " $("!!

$!! !!$ "!

!

' #!

'!")#"##" !! #"$"'+

'!"*!#!!!$ "'"$ '!""#"# +

"%'""!" " " -!)"'"!!# """'%

#"##") ! $""$"!'!"$&" "!%

$""#'!"""'!& "" !" "# !"

"#" "!"#'# "" !" "(!" !"

(

$#$ !# %

(7.$ $""

-/1 &

" -/ &

&.

! 7.13%-%

2%

"&!""# "#'"(" % !)%' " #'% !

&"!""""!" % !"!"" !"-!#" "+ !

# "$ $!$

$ %

$%%$#"%"

$! %$ $"$

' ' "*

# " ' #

'$ !"! )!$ '%""& !! $!+

&!(& ! !" !*

!!!! !!$! ! !!!.*& ! !" !("!

*" &! ! !!&" "%)"&(

"5 $ !566448* " '&'

"A??E('(##)&&"-"&) (#"+'>EDF #"4

!!"'!#''#!%'. "'"#'$ "

! !"&#!" "!""'%"433. ". ! $*!"

!&" !&"!&$+ ! " #!!!

!, " !! !! #!32!+! 132.32