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6 August, 02:55

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

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  1. 6 August, 04:51
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    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
  2. 6 August, 04:54
    0
    yeah the price of products has increased a lot over the years. You grandma right
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