* 1960 300 280 260 240 220 SETTINGS 200 180 160 140 120 100 80 60 40 20 Price Then ($) 1960 Price Now ($) GRAPH Year 1965 1970 10.00 10.00 1984 Reset 2016 1982-1984 = 100.00 1984 1975 1980 1985 M. 1990 PRICE CALCULATIONS CPI 1984 Price Then 1995 2000 = 105.30 Price Now $10.00 $4.39 $10.00 (CPI data not seasonally adjusted. Source: BLS) $22.79 Year 2005 2010 2015 2020 a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $ 105.30 b) If the price of a movie ticket did not change in real terms between 2010 and 2016, how much did a ticket cost in 2010 if it cost $12.50 in 2016? Instructions: Round your answer to two decimal places. $
* 1960 300 280 260 240 220 SETTINGS 200 180 160 140 120 100 80 60 40 20 Price Then ($) 1960 Price Now ($) GRAPH Year 1965 1970 10.00 10.00 1984 Reset 2016 1982-1984 = 100.00 1984 1975 1980 1985 M. 1990 PRICE CALCULATIONS CPI 1984 Price Then 1995 2000 = 105.30 Price Now $10.00 $4.39 $10.00 (CPI data not seasonally adjusted. Source: BLS) $22.79 Year 2005 2010 2015 2020 a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $ 105.30 b) If the price of a movie ticket did not change in real terms between 2010 and 2016, how much did a ticket cost in 2010 if it cost $12.50 in 2016? Instructions: Round your answer to two decimal places. $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Note:-
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![04
* SETTINGS
1960
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
Price Then ($)
1960
Price Now ($)
GRAPH
Year
1965
1970
1975
10.00
10.00
1984
1980
Reset
2016
1982-1984 = 100.00
1984
1985
1990
I.
PRICE CALCULATIONS
1995
CPI
Price Then
$10.00
1984
2000
=
105.30
Price Now
2005 2010
$22.79
$4.39
(CPI data not seasonally adjusted. Source: BLS)
$10.00
2015
Year
2020
a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a
ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $
105.30
b) If the price of a movie ticket did not change in real terms between 2010 and 2016, how much did a ticket cost in 2010 if it cost
$12.50 in 2016? Instructions: Round your answer to two decimal places. $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff9c23877-5d66-4c56-980d-6cf47cc5aeee%2F050b149e-4325-46b2-ac46-4d54a6fc9ae1%2Ffbninu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:04
* SETTINGS
1960
300
280
260
240
220
200
180
160
140
120
100
80
60
40
20
Price Then ($)
1960
Price Now ($)
GRAPH
Year
1965
1970
1975
10.00
10.00
1984
1980
Reset
2016
1982-1984 = 100.00
1984
1985
1990
I.
PRICE CALCULATIONS
1995
CPI
Price Then
$10.00
1984
2000
=
105.30
Price Now
2005 2010
$22.79
$4.39
(CPI data not seasonally adjusted. Source: BLS)
$10.00
2015
Year
2020
a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a
ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $
105.30
b) If the price of a movie ticket did not change in real terms between 2010 and 2016, how much did a ticket cost in 2010 if it cost
$12.50 in 2016? Instructions: Round your answer to two decimal places. $
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