Answer:
Explanation:
The question is incomplete here is the complete 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 1968, the year McDonald's introduced its big m
ac,the price was $0.49 in 2015,a big mac costed $4.79
Suppose the CPI in 1968 was 35 and the CPI in 2015 was 240,The base year for the CPI is 1983.
in real terms a Big Mac was more expensive in 1968
if the price of a Big Mac has kept up with the rate of inflation,its price in 2015 would have been...........
Explanation:
In real terms, big mac price in 1968 was 0.49x100/35=$1.4
In real terms, big mac price in 2015was 4.79x100/240=$2
So, it is more expensive in 2015
2> The price would have been $0.49x240/35=$3.36
