1. If someone needed $23,000 to maintain a certain standard of living in 1980, how much would be needed to maintain the same standard of living in 2020? [2 pts] 2. In a 1966 episode of Batman, the Penguin tries to steal $12 million from the Gotham City Multiel'vllionaires Club. Batman and Robin, naturally, foil this dastardly scheme. Approximately how much money, in 2020 constant dollars, would Penguin be trying to steal today (round to a large whole number; the Penguin doesn't mess around with petty change like hundreds or even thousands)? [2 pts] 3. Find an example in a book, movie, newspaper or magazine article of a price or a wage that is over 10 years old (see #2 above as an example). Cite the source of your price or wage. Convert that dollar amount to 2020 constant dollars. Show your calculation and explain the meaning of your answer. [3 pts] 4 In 1969 the median income for households in the US was $7736. In 2019, the median household income was $74,600. A. Convert the 1969 household income to 2019 constant dollars. [2 pts] B. Did household income increase more or less than the ination rate in that time period? Is this good news or bad news for families in 2019? [2 pts] C. The actual income in 2019 is what percent larger than le 2019 constant dollar value of the 1969 incomes? [2 pts] D. Why do you think that the median household income has increased more than expected due to ination? Speculate on the economic and cultural changes that have occurred from 1969 to 2019 that might explain the increase in median household income seen above. Remember this is the income for an entire household, not an individual's income. [1 pt] 5. Open the file College Tuition. This file contains the average annual fulltime tuition and fees for private 4 year colleges in the US from 1971 to 2020. A. Copy and paste the CPI values for 19712020 into column C. In column D, calculate the tuition in 2020 constant dollars. Then make a scatter graph of the tuition in constant dollars and paste it here. Do not include the actual tuitions in this graph. Also, choose the scatter graph that connects with straight lines, but no data points in order to make the graph more reader friendly. Copy and paste graph here. [5 pts] B. If the actual price of an item increases at a rate equal to the annual ination rates for many years, what would a graph of the price in constant dollars look like? [1 pt] C. The actual average tuition and fees for private colleges increased every year since 1971. However, the constant dollar graph is not increasing every year. Describe the general