Question
When Disney's Magic Kingdom in Orlando, Florida, opened in 1971, the price of admission was $3.50 per day. In 2020, the ticket price was $109
When Disney's Magic Kingdom in Orlando, Florida, opened in 1971, the price of admission was $3.50 per day. In 2020, the ticket price was $109 per day.
Instructions: In parts a and c, enter your responses as a percentagerounded to the nearestwhole number. In part b, round your response to two decimal places.
a. By how much did the nominal price of a Disney ticket increase from 1971 to 2020?
%
b. The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars?
$ %
c. By how much did the real price of a ticket increase from 1971 to 2020?
%
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