Question
In 1952, the average price of a ticket to an afternoon movie was 14 cents. The price index is 1952 was 26.56. (a) How much
In 1952, the average price of a ticket to an afternoon movie was 14 cents. The price index is 1952 was 26.56.
(a) How much would that 14-cent movie ticket cost in today's dollars if the current price index is 251.1?
(b) How much does a movie ticket cost today? Why is there such a big discrepancy between today's price and the 1952 inflation-adjusted price?
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Introductory Statistics Exploring The World Through Data
Authors: Robert Gould, Rebecca Wong, Colleen N. Ryan
3rd Edition
0135163145, 978-0135163146
