We appreciate your visit to In 1980 when the Consumer Price Index CPI was 82 4 Ivan purchased a house for 71 900 Assuming that the price of houses increased. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
The cost of a house in 1970 when the CPI was 38.8 compared to its cost in 1980 when the CPI was 82.4 was $33.855.83.
What is CPI?
CPI means Consumer Price Index.
It is an average weight that rates the changes in a basket of consumer items to determine its price index.
The CPI is also used to determine an economy's inflation.
Data and Calculations:
Price of a house in 1980 = $71,900
Consumer Price Index in 1980 = 82.4
Consumer Price Index in 1970 = 38.8
Price of the house in 1970 = $33,855.83 ($71,900/82.4 x 38.8)
Thus, the cost of a house in 1970 was $33.855.83.
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