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Suppose a particular box of macaroni and cheese cost $0.26 in 1983. What was its price in 2005 dollars? Assume that all prices have risen at the same rate as the CPI.

Suppose a particular box of macaroni and cheese cost $0.26 in 1983. What was its price in 2005 dollars? Assume that all prices have risen at the same rate as the CPI.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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10. how much would it cost?

Suppose a particular box of macaroni and cheese cost $0.26 in 1983. What was its price in 2005 dollars? Assume that all prices have risen at the same rate as the CPI. How much would it cost? $ (Round to the nearest cent as needed.) Average Annual Consumer Price Index (CPI) (1982-1984 = 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 2012 229.6 1998 163.0 1999 166.6 2013 1985 107.6 233.0 1986 109.6 2000 172.2 2014 236.7 1987 113.6 2001 177.1 2015 237.0 118.3 2002 179.9 2016 240.0 2017 245.1 188.9 2018 251.1 1988 1989 124.0 2003 184.0 1990 130.7 2004 1991 136.2 2005 1992 140.3 2006 201.6 2020 1993 144.5 2007 207.3 1994 148.2 2008 215.3 195.3 2019 255.7 258.8
Transcribed Image Text:Suppose a particular box of macaroni and cheese cost $0.26 in 1983. What was its price in 2005 dollars? Assume that all prices have risen at the same rate as the CPI. How much would it cost? $ (Round to the nearest cent as needed.) Average Annual Consumer Price Index (CPI) (1982-1984 = 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 2012 229.6 1998 163.0 1999 166.6 2013 1985 107.6 233.0 1986 109.6 2000 172.2 2014 236.7 1987 113.6 2001 177.1 2015 237.0 118.3 2002 179.9 2016 240.0 2017 245.1 188.9 2018 251.1 1988 1989 124.0 2003 184.0 1990 130.7 2004 1991 136.2 2005 1992 140.3 2006 201.6 2020 1993 144.5 2007 207.3 1994 148.2 2008 215.3 195.3 2019 255.7 258.8
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