Consumer price index. The consumer price index compares the costs, c , of goods and services over various years, where 1983 is used as a base ( t = 0 ) . The same goods and services that cost $100 in 1983 cost $226 in 2012. a. Model c as an exponential function rounding the growth rate k to five decimal places. b. Estimate what the goods and services costing $100 in 1983 will cost in 2020. c. In what year did the same goods and services cost twice the 1983 price?
Consumer price index. The consumer price index compares the costs, c , of goods and services over various years, where 1983 is used as a base ( t = 0 ) . The same goods and services that cost $100 in 1983 cost $226 in 2012. a. Model c as an exponential function rounding the growth rate k to five decimal places. b. Estimate what the goods and services costing $100 in 1983 will cost in 2020. c. In what year did the same goods and services cost twice the 1983 price?
Solution Summary: The author calculates the exponential growth function of cost of good and service after t years after 1983.
Consumer price index. The consumer price index compares the costs, c, of goods and services over various years, where 1983 is used as a base
(
t
=
0
)
. The same goods and services that cost $100 in 1983 cost $226 in 2012.
a. Model c as an exponential function rounding the growth rate k to five decimal places.
b. Estimate what the goods and services costing $100 in 1983 will cost in 2020.
c. In what year did the same goods and services cost twice the 1983 price?
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