Inflation-Adjusted Prices 1. Use the online calculator found at the following link to determine the price of a Mcdonald's hamburger in the current year if the price was $0.15 in 1964 and the price increased at the inflation rate. http://data bis.gov/cai-bin/cpicalc.pf The hamburger that cost $.15 in 1964, would cost $1.28 in 2021 dollars. 2. Use the online calculator to determine what the inflation adjusted prices of these items might be in the current year based on their prices in 1981. Item Price in 1981 Inflation-adjusted price - 2021 First Class Stamp $.20 $ . 61 Gallon of gas $1.38 $ 1.38 Dozen eggs $0.90 $ 2.74 Gallon of milk $2.22 $ 4.74 Choose your own 1. 50 item $4.57 TOTALS: $ 6.20 $18. 88 SOURCE: 1981 prices, http://www.1980sflashback.com/1981/economy.asp 3. What was the total price of the five items in the chart in 1981? ) (0. 2 0 4. If the prices of these items increased at the rate of inflation, what would the total price of the items in the chart be in the current year? # ) 8.8% 5. How much more or less money would be needed in the current year to buy the five items in the chart than in 1981? more money in current year 18.88-6.20-#12.48 6. Is the price of any of the five items in the chart actually more now than the inflation adjusted price? 7. Is the price of any of the five items in the chart actually less now than the inflation adjusted price? 8. Why is it important for personal income to increase at the same rate as inflation