50 1960 1970 1984 1996 2003 0.16$ 0.53$ 0.29$ 0.64$ 0.66$ 0.95$ 1.86$ 2.47$ 3.20$ Prices adjusted to 2012 Butter 1901 1918 1934 1950 1960 1970 1984 1996 2003 0.27$ 0.58$ 0.32$ 0.73$ 0.75$ 0.87$ 2.11$ 2.05$ 2.81$ Prices adjusted to 2012 Eggs 1901 1918 1934 1950 1960 1970 1984 1996 2003 0.22$ 0.57$ 0.33$ 0.60$ 0.57$ 0.61$ 1.00$ 1.11$ 1.25$ Prices adjusted to 2012 Milk 1/2 gallon 1901 1918 1934 1950 1960 1970 1984 1996 0.14$ 0.28$ 0.22$ 0.41$ 0.52$ 0.66$ 1.13$ 1.56$ Prices adjusted to 2012 A Study of Price Level How will you respond to your cousin's assertion given your research? (3 pts.) Explain to your cousin (in layman's terms) exactly what the adjusted prices are. (3 pts.) At a gathering of friends and family this evening, one of your older family members mentions that she use to feed an entire family on $25 per week. Your cousin says, "Boy, grocery prices just keep going up and up and wages never seem to keep up! " You decide to research this theory. The following are nominal prices of food items from various years that you routinely purchase. In order to compare prices from different years, you will