For this discussion post, explain what the consumer price index (CPI) is and why it is important. Give a real life example of when the CPI is used and why it is used.

Finally, think of two goods or services you really like--anything from food, items you buy for your home, video games, facials, massages, etc--and find the price they would be in 1963 if we are comparing them to 2019 dollars.

What do I mean "Compare to 2019 dollars?" Follow this formula:

In this case, we want to figure out the price in 1963 dollars (Y) in terms of 2019 dollars (X). Assume a CPI of 256.9 for 2019, your book only has CPI numbers dating back to 1977, so assume a CPI of 30.6 for 1963. Find the 2019 price of a good/service you like and plug it in for "price in $X". Your calculation will tell you how much something would have cost you in 1963 given the power of the dollar in 2019.

Show your work!