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a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $ 150

a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $ 150

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 35P: With in 1 or 2 percentage points, what has the U.S. inflation rate been during the last 20 years?...
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My 150 answer is incorrect. Please help me with question A. Thank you!.
a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $| 150 b) If the price of a movie ticket did not change in real terms between 2010 and 2016, how much did a ticket cost in 2010 if it cost $12.50 in 2016? Instructions: Round your answer to two decimal places. $ 11.40
Transcribed Image Text:a) If the price of a train ticket from New York to Washington DC rose by the rate of inflation between 1995 and 2016, how much would a ticket cost in 2016 if it cost $100 in 1995? Instructions: Round your answer to two decimal places. $| 150 b) If the price of a movie ticket did not change in real terms between 2010 and 2016, how much did a ticket cost in 2010 if it cost $12.50 in 2016? Instructions: Round your answer to two decimal places. $ 11.40
300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 GRAPH 1982-1984 100.00 1984 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 The interactive below allows for comparing prices in the past to the present. Instructions: Use this tool to answer the questions below. Consumer Price Index SETTINGS 1960 Price Then ($) 10.00 Price Now ($) 10.00 Reset PRICE CALCULATIONS CPI 1984 = 105.30 2016 Year 1984 Price Then $10.00 $4.39 Price Now $22.79 $10.00 (CPI data not seasonally adjusted. Source: BLS)
Transcribed Image Text:300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 GRAPH 1982-1984 100.00 1984 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 The interactive below allows for comparing prices in the past to the present. Instructions: Use this tool to answer the questions below. Consumer Price Index SETTINGS 1960 Price Then ($) 10.00 Price Now ($) 10.00 Reset PRICE CALCULATIONS CPI 1984 = 105.30 2016 Year 1984 Price Then $10.00 $4.39 Price Now $22.79 $10.00 (CPI data not seasonally adjusted. Source: BLS)
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