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Answer :
Answer:
Increase in the price of toothpaste is $1.82
Step-by-step explanation:
As we know the formula of consumer price index
[tex]C.P.I.=\frac{P_{1} }{P}.100[/tex]
Here P1 = Current price of the the product
P = Price of the product in the base year
Now we will plug in the values for year 1970
[tex]38.8=\frac{0.77}{P}.100[/tex]---------(1)
Similarly for year 1990
[tex]130.7=\frac{P_{1} }{P}.100[/tex]------------(2)
Now we will divide equation 2 from 1.
[tex]\frac{130.7}{38.8}=\frac{P_{1} }{0.77}[/tex]
[tex]P_{1}=\frac{(130.7)(0.77)}{38.8}=2.59[/tex]
Therefore price of toothpaste in year 1990 will be = $2.59
Since in 1970 price of toothpaste was = $0.77
So change in price from 1970 to 1990 = 2.59 - 0.77 = 1.82
Increase in the price of a tube of toothpaste will be $1.82
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