$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

2 answers
Question:

$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

Answers

If it's $2.70 now, the cost would be $4.45 in 1995.

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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