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16 October, 22:03

The average price for a movie ticket in 1980 was $2.70. Calculate the cost of a movie ticket in 1995, using the Consumer Price Index of 82.4 in 1980 and 152.4 in 1995. Round to the nearest cent.

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  1. 16 October, 22:14
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    A consumer price index (CPI) measures changes in the price level of market basket of consumer goods and services purchased by households.

    The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically.

    price 1995 = cost 1980 x (CPI 1995 / CPI 1980)

    price 1995 = $ 2.70 x (152.4 / 82.4)

    price 1995 = $ 4.99 is

    The average price for a movie ticket in 1995
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Home » Mathematics » The average price for a movie ticket in 1980 was $2.70. Calculate the cost of a movie ticket in 1995, using the Consumer Price Index of 82.4 in 1980 and 152.4 in 1995. Round to the nearest cent.
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