Using the data on the Consumer Price Index reported in Table, calculate the value in 2022 of the following items (use the nearest year in the table to do the calculation; for example, in part (a) just use the number from 1990). Assume the value of the CPI in 2022 is 115 for this purpose.

(a) A pack of M&M candies cost 45 cents in 1991.

(b) A movie ticket to see Star Wars in 1977 cost about $2.25.

(c) A quarter pounder from McDonald’s in 1972 cost 55 cents.

(d) A bottle of Coke or Pepsi cost a nickel in the late 1940s.

(e) Babe Ruth’s salary in 1932 was $80,000.

(f) In the early 20th century, Henry Ford advocated paying workers $5 per day, well above the prevailing wage at the time. To keep things simple, assume this salary applied in the year 1900 and assume the worker worked 250 days per year. To what annual salary today is this equivalent?

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TABLE 8.1 The Consumer Price Index, 1900-2012 (2012 = 100) Year 1900 1930 1950 1960 1970 CPI 3.56 7.30 10.52 12.94 16.97 Year 1980 1990 2000 2005 2012 CPI 36.00 57.11 75.25 85.34 100.00