Inflation:

Give an example of a good or service that has increased in price since the time when you were young. Describe the good or service and tell us what price the good cost when you were young compared to today. Calculate the percentage change in price (the inflation rate for the good in question) over the time period you are describing. Similarly, describe a good or service that has decreased in price since you were young. This one will be a little more difficult but if you think hard I'm sure you can come up with an example. You do not need to calculate the percentage change in price for the good that decreased in value.

Note the formula to calculate the percentage change in price is

[(new price - old price) / old price] x 100

Example:

When I was young (mid-1990's) comic books cost $1. Today most comic books cost $4, some shorter length books cost $3. Using the formula for percentage change I find that [($4-$1) / $1] x 100 = 300, which means for standard comic books the price has increased by 300%. The item I can think of that has decreased in price since I was young is laptop computers. When I first started buying laptops they typically cost around $1000, today most laptop computers cost around $400-$600. Even though the computers are less expensive today they are far superior to the $1000 laptops I was buying 10-15 years ago. So over the past several years, the price of computers has decreased even more than what is being reflected in the price.