I don't understand this concept of what it means to calculate all the prices to 2012 if I just have two numbers of cpi.

/ccs.instructure.com/courses/2068041/assignments/22449355 Problem Set 3 Name A Study of Price Level 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 need to adjust all prices to the 2012 price level. (The CPI in 2012 is 229.6. CPI index in 1901 is 7.9. Find all remaining indices on the attachment provided on ANGEL) (2 pts. for each row.) Once all prices are adjusted to the 2012 price level, circle the year with the lowest real price. (2 pts.) 5 lb bag of flour 1901 1918 1934 1950 1960 1970 1984 1996 2003 5 0.13 5 0.34 5 0.25 5 0.49 5 055 5 0.59 5 107 5 144 5 156 Prices adjusted to 2012 Bacon 1901 1915 1934 1950 1960 1970 1984 1996 2003 5 0.16 5 0.53 5 0.29 5 0.64 5 0.66 5 0.95 5 186 5 247 5 3.20 Prices adjusted to 2012 Butter 1901 1918 1934 1950 1960 1970 1984 1996 2003 5 027 5 0.58 5 0.32 5 0.73 5 0.75 5 0.87 5 211 5 2.05 5 2.81 Prices adjusted to 2012 Eggs 1901 1918 1934 1950 1960 1970 1984 1996 2003 5 0.22 5 0.57 5 0.33 5 0.60 5 0.57 5 0.61 5 100 5 1.11 5 1.25 Prices adjusted to 2012 Milk 1/2 gallon 1901 1918 1934 1950 1960 1970 1984 1996 5 014 5 0.28 5 0.22 5 0.41 5 0.52 5 0.65 5 1.13 5 1.56 Prices adjusted to 2012 Explain to your cousin (in layman's terms) exactly what the adjusted prices are. (3 pts.) How will you respond to your cousin's assertion given your research? (3 pts.)