Answered: Good X sold for $40 in 1957. The CPI in…

Good X sold for $40 in 1957. The CPI in 1957 was 27.6 and the CPI in 2009 was 214.537. What was the price of good X in 2009 dollars? A. $514.60 B. $270.92 C. $1,201.60 D. $310.92

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Fast!!

Good X sold for $40 in 1957. The CPI in 1957 was
27.6 and the CPI in 2009 was 214.537. What was
the price of good X in 2009 dollars?
A. $514.60
B. $270.92
C. $1,201.60
D. $310.92

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