In 1952, the average price of a ticket to an afternoon movie was 14 cents. The price
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Question:
In 1952, the average price of a ticket to an afternoon movie was 14 cents. The price index is 1952 was 26.56.
(a) How much would that 14-cent movie ticket cost in today's dollars if the current price index is 251.1?
(b) How much does a movie ticket cost today? Why is there such a big discrepancy between today's price and the 1952 inflation-adjusted price?
Related Book For
Introductory Statistics Exploring The World Through Data
ISBN: 9780135163146
3rd Edition
Authors: Robert Gould, Rebecca Wong, Colleen N. Ryan
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