Question

You might have heard your grandmother say, “When I was your age, candy bars cost a nickel.” Like candy bars, the price of fast food has increased over time. In 1957, the year Burger King introduced its Whopper, the price was $0.37. In 2015, a Whopper costed $3.99.
Suppose the CPI in 1957 was 28, and the CPI in 2015 was 240. The base year for the CPI is 1983.

If the price of a Whopper had kept up with the rate of inflation, its price in 2015 would have been $

Answer 1

Es as an older person, I have seen a big increase in the cost of things like I remember when car gas cost about 55 cents a gallon! While wages and salaries have gone up I don't think that in many cases they have kept pace with the cost of living. I used to get paid $365 per month when I started out in mineral exploration and then at my last job as an employee I got about $5000 per month but even then we struggled to make ends meet to pay the mortgage or rent and buy food and clothing for the kids etc.