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Coffee prices in 1960 were 40 cents and $2.25 in 2016 Income in 1960 was $10,000 and $55,000 in 2016. Does this mean society is

Coffee prices in 1960 were 40 cents and $2.25 in 2016 Income in 1960 was $10,000 and $55,000 in 2016. Does this mean society is better or worse 2016? Under what conditions are consumers better off? Besides price changes, why was society be better off in 2016 than in 1960? Show your work.

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