In 2015, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says
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In 2015, Annie, an 80-year-old, is telling her granddaughter Mary about the good old days. Annie says that in 1935, you could buy a nice house for $15,000 and a jacket for $5. Mary says that in 2015 such a house costs $220,000 and such a jacket costs $70. The CPI in 1935 was 16.7 and in 2015 it was 218.1. Which house and which jacket have the lower prices?
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The 2015 house price that is equivalent to 15000 pr...View the full answer
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