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Consider the following information: A Ford Model T cost $500 in 1918, a movie ticket cost $.60 in 1960, and a comic book cost $.50
- Consider the following information: A Ford Model T cost $500 in 1918, a movie ticket cost $.60 in 1960, and a comic book cost $.50 in 1950.
- Given the following information, determine what the price of these goods would be in 2014:
- Consumer Price Index in 2014: 214.50; Consumer Price Index in 1918 = 8.97; Consumer Price Index in 1950 = 21.84; Consumer Price Index in 1960 = 26.81. (The base year for all calculations of CPI is the same).
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
