The ticket price index equals 270 in 2010. a) What was the overall inflation rate for ticket prices in the intervals 1977-1982, 1982-1997, and 1997-2010? b) Avatar earned $760,507,625 since its release, most of which over the course of 2010. It self-proclaimed itself as the all-time box-office champion. Determine the total value of gross revenues for Star Wars when evaluated at 2010 dollars. Do you still think that Avatar should be regarded as the box office champion? Explain.
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a) What was the overall inflation rate for ticket prices in the intervals 1977-1982, 1982-1997, and 1997-2010?
b) Avatar earned $760,507,625 since its release, most of which over the course of 2010. It self-proclaimed itself as the all-time box-office champion. Determine the total value of gross revenues for Star Wars when evaluated at 2010 dollars. Do you still think that Avatar should be regarded as the box office champion? Explain.
The inflation rate represents the percentage increase in the average price level of a basket of goods and services over a period of time, usually calculated on a yearly basis. It can be calculated as the ratio of the difference between the price indices of two periods with respect to the price index of the first period.
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