K On last year's Thanksgiving Day, your friend Brad invited you to have dinner with his family, which you accepted. At the dinner table, Grandpa Joe (Brad's grandfather) wondered aloud why Brad was still living in his parent's basement (for a small rent) since he got a job two years ago after graduating with his bachelor's degree. Grandpa Joe noted that in 1950 when he got his first job, after High School, his annual income was only $3,500. He was able to buy his own house and got married the year after. He feels that Brian is wasteful since he could not afford to live on his own with a current salary of $38,000/per annum. Using the knowledge you have learned from this course, especially as concerns inflation and CPI calculation, nominal vs. real values, explain to Grandpa Joe why Brad's income does not have the same buying power as Grandpa Joe's 1950 income. Using the BLS's CPI calculator in the suggested extra reading folder of the "Start Here-Course Policy Documents" folder will help you in this discussion