As in question 1, adjust the historical minimum wage for inflation. Use base years of 1995 in one column, and 2020 in the next

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53.8 1. Using your calculator, create a function using lists, as done in the lecture, to adjust the historical prices of stamps for inflation. Use a base year of 1980 in one column, and a base of 2020 in the next adjusted adjusted CPI price of a stam p rice (1980 $_ price (2020 31 1950 24.1 1955 26.9 1960 29.6 1965 31.5 1970 38.8 1975 1980 82.4 1985 107.6 1990 130.7 1995 152.4 2000 172.2 2005 195.3 2010 217 2015 233.7 2020 258 Questions based on the CPI values: a) What is the price of a 15 cent stamp of 1980 adjusted to 2015 dollars (give your answer in cents or dollars)? b) What would a 55 cent stamp of today cost in 1950 dollars (or cents)? c) If you created a price index based on the price of a first class postage stamp (like the Oreo index in the notes) using 1980 as the base year, what would the index number for 2020 be? 2. As in question 1, adjust the historical minimum wage for inflation. Use base years of 1995 in one column, and 2020 in the next. adjusted wage (B=1995) adjusted wage B=2020) year 1950 1955 1960 1965 1970 nominal CPI minimum wage 24.1 0.75 26.9 0.75 29.6 1.00 31.5 1.25 38.8 1.60 53.8 2.10 82.4 3.10 107.6 3.35 3.80 1975 1980 1985 1990 130.7 1995 152.4 2000 172.2 195.3 4.25 5.15 5.15 7.25 2005 2010 217 2015 7.25 233.7 258 2020 7.25