Question: Using the data on the consumer price index reported in Table 8.1, calculate the value in 2012 of the following items (refer to the nearest

Using the data on the consumer price index reported in Table 8.1, calculate the value in 2012 of the following items (refer to the nearest year in the table to do each calculation):
(a) The salary of a worker in 1900: $1,000 per year.
(b) Babe Ruth€™s salary in 1932: $80,000.
(c) A bottle of Coke or Pepsi in the late 1940s: one nickel.
(d) A quarter pounder from McDonald€™s in 1972: 55 cents.
(e) A movie ticket to see Star Wars in 1977: about $2.25.
(f) A pack of M&M candies in 1991: 45 cents.

TABLE 8.1 The Consumer Price Index, 1900-2012 (2012 Year 1900 1930 1950 1960 1970 100) CPI 3.56 7.30 10.52 12.94 16.97 Year 1980 1990 2000 2005 2012 CPI 36.00 57.11 75.25 85.34 100.00

Step by Step Solution

★★★★★

3.36 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

From Table 81 Table 81 2012100 Year CPI CPI 2012 CP... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

780-B-E-M-E (7162).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

Using the data on supply and demand in problem 3, suppose the EU imposed a quota on imports of beef equal to 40 million pounds of beef per month a. What would be the price of beef in the EU? b. How...

Using the data on the student data set, schedule the problem in MS Project. Display and print the schedule in a Gantt Chart showing the critical path and the predecessors. The screen capture from MS...

Using the data on the student data set, schedule the problem in MS Project. Display and print the schedule in a Gantt chart showing the critical path and the predecessors. The screen capture from MS...

How much is that? Using the data on the consumer price index reported in Table 8.1, calculate the value in 2018 of the following items (refer to the nearest year in the table to do each calculation):...

How much is that? Using the data on the consumer price index reported in Table 8.1, calculate the value in 2005 of the following items (refer to the nearest year in the table to do each calculation):...

Using the data on the Consumer Price Index reported in Table, calculate the value in 2022 of the following items (use the nearest year in the table to do the calculation; for example, in part (a)...

Calibri WI 29 Wrap Text Paste ID Copy Format Painter BIU V A Merge & Cen Clipboard Font Alignment 0114 fax 649 A F G H 1 B D E Consumer Price Index - All Urban Consumers 2 Original Data Value K M...

Please model cash flows for American Greetings for fiscal years 2012 through 2015. Using a marginal tax rate of 40% and a market risk premium of 5%. What is your estimate of the appropriate discount...

What is going on at American Greetings? Discuss the competitiveness of the industry. Discuss the factors that drive the fundamental value of American Greetings. The shares of American Greetings are...

Moving to another question will save this response. Question 31 Use the following formula to calculate Nike's accounts receivable turnover ratio at the last two balance sheet dates: Account...

Ricardo Heavy Hauling has some earth- moving equipment that cost $ 432,000; accumulated amortization is $ 288,000. Ricardo traded equipment with another construction company. The fair value of...

1. Want to hit the golf ball onto the green which is 60 ft away and 10 ft high. What is the minimum velocity to make the golf ball to be at the green? 10ft 60 ft 2. For the problem #1, If the initial...

MIRRs ( modified internal rates of return ) are sometimes called controversial and meaningless. Why?

List two items under all four of the PEST categories for a business planning to expand into either India or China for the first time. [8]

Explain the difference between government spending and government purchases of goods and services (G). Which is larger?

Which of the following transactions are included in the gross domestic product, and by how much does each raise GDP? a. You buy a new Toyota, made in the United States, paying $25,000. b. You buy a...

The following outline provides a complete description of all economic activity in Trivialand for 2007. Draw up versions of Tables 3 and 4 for Trivialand showing GDP computed in two different ways. i....

Statistical report help needed. Feedback given on report as followed. Why is the t-test appropriate? Provide a little more detail. Also, what assumptions do you make about this data, and what happens...

1 Gateway Reproductions uses sheet steel to manufacture reproduction fenders for classic automobiles. The firm's risk profile with regard to sheet steel will be downward-sloping. True or False True...

Mr. Huskers Tuxedos Corp. began the year 2015 with $272 million in retained earnings. The firm earned net income of $41 million in 2015 and paid dividends of $8 million to its preferred stockholders...