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 percentage rounded to the nearest whole 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? 3014 % b. The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars? $ 22.68 % c. By how much did the real price of a ticket increase from 1971 to 2020? 380 %

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 percentage rounded to the nearest whole 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? 3014 % b. The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars? $ 22.68 % c. By how much did the real price of a ticket increase from 1971 to 2020? 380 %

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter9: Monopoly

Section9.1: The Monopoly Market Structure

Problem 1GE

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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 per day.
Instructions: In parts a and c, enter your responses as a percentage rounded to the nearest whole 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?
3014 %
b. The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars?
22.68 %
c. By how much did the real price of a ticket increase from 1971 to 2020?
380 %

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