We appreciate your visit to From 1970 to 1990 the consumer price index CPI increased from 38 8 to 130 7 If a jar of grape jelly cost 0 25. 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 :
formula: cp1/cp2 = price1/price2
so let x be the new price,
38.8/130.7 = .25/x
x = .25*130.7/38.8
so, you get
x = 0.84
so let x be the new price,
38.8/130.7 = .25/x
x = .25*130.7/38.8
so, you get
x = 0.84
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Answer:
Option B. $0.84
Step-by-step explanation:
As we know the formula of Consumer Price Index.
[tex]C.P.I.=\frac{P_{1}}{P}\times 100[/tex]
Here [tex]p_{1}[/tex] is 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{0.25}{p}\times 100[/tex] ------------(1)
Similarly for the year 1990.
[tex]130.7=\frac{p_{1} }{p}\times 100[/tex] ---------(2)
Now we will divide equation 2 from 1.
[tex]\frac{130.7}{38.8}=\frac{p_{1}}{0.25}[/tex]
[tex]P_{1}=\frac{(130.7)(0.25)}{38.8}=0.84[/tex]
Therefore, The price of a jar of grape jelly would be $0.84 in 1990.
