Question
In 2018, a ticket to the World Series game between the Boston Red Sox and the Los Angeles Dodgers was $1,290. In 1963, when the
In 2018, a ticket to the World Series game between the Boston Red Sox and the Los Angeles Dodgers was $1,290. In 1963, when the Dodgers played the Yankees, the average price of a ticket was $7. If the consumer price index (CPI) in 1963 was 24.6 and the CPI in 2018 was 252, how much would the 1963 ticket sell for in today's dollars? $ (Round your answer to two decimal places.)
In 2018, the average salary of a baseball player was $4.5 million. In 1963, the average salary was $20,000. How much would salaries have been in 2018 if average salaries had just kept up with the rate of inflation since 1963?
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