12. the price was about what in 1984 ### Educational Exercise: Historical Price Calculation Using CPI#### Problem Statement:Suppose a movie ticket cost $11 in 2019. What was its price in 1984 dollars? Assume that all prices have risen at the same rate as the Consumer Price Index (CPI).![Graph](insert-graph-image-link-here)**Solution:**The price was about $____ in 1984.*(Round to the nearest cent as needed.)*#### Detailed Explanation of the Consumer Price Index (CPI) Table:The table below shows the average annual Consumer Price Index (CPI) for different years. CPI is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. The table below provides CPI values with the baseline period of 1982-1984 set at an index of 100.| Year | CPI | Year | CPI | Year | CPI ||------|------|------|------|------|------|| 1981 | 90.9| 1995 | 152.4| 2009 | 214.5|| 1982 | 96.5| 1996 | 156.9| 2010 | 218.1|| 1983 | 99.6| 1997 | 160.5| 2011 | 224.9|| 1984 | 103.9| 1998 | 163.0| 2012 | 229.6|| 1985 | 107.6| 1999 | 166.6| 2013 | 233.0|| 1986 | 109.6| 2000 | 172.2| 2014 | 236.7|| 1987 | 113.6| 2001 | 177.1| 2015 | 237.0|| 1988 | 118.3| 2002 | 179.9| 2016 | 240.0|| 1989 | 124.0| 2003 | 184.0| 2017 | 245.1|| 1990 | 130.7| 2004 | 188.9| 2018 | 251.1|| 1991 | 136.2

According to the given data, find the movie ticket price in 1984.

Suppose a movie ticket cost $11 in 2019. What was its price in 1984 dollars? Assume that all prices have risen at the same rate as the CPI. C... The price was about $ in 1984. (Round to the nearest cent as needed.) Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 CPI 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 Average Annual Consumer Price Index (CPI) (1982-1984 = 100) CPI 152.4 156.9 160.5 Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 207.3 215.3 Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CPI 214.5 218.1 224.9 229.6 233.0 236.7 237.0 240.0 245.1 251.1 255.7 258.8

Suppose a movie ticket cost $11 in 2019. What was its price in 1984 dollars? Assume that all prices have risen at the same rate as the CPI. C... The price was about $ in 1984. (Round to the nearest cent as needed.) Year 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 CPI 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 136.2 140.3 144.5 148.2 Average Annual Consumer Price Index (CPI) (1982-1984 = 100) CPI 152.4 156.9 160.5 Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 163.0 166.6 172.2 177.1 179.9 184.0 188.9 195.3 201.6 207.3 215.3 Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CPI 214.5 218.1 224.9 229.6 233.0 236.7 237.0 240.0 245.1 251.1 255.7 258.8

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 3SE: The Oxford Dictionary defines the word nominal asa value that is “stated or expressed but...

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