Understanding the Question
This may not be the actual way that the US government prepares the CPI, but it will provide a comparison.
You can set up a proportion. The base number for the CPI is 38.8 in 1970. That number (38.8) has more than doubled to get to 82.4, which also tells us that there was inflation. What your parents and grandparents bought in 1970 went to double the amount in 1980. Gasoline certainly did that.
Givens
CPI in 1970 = 38.8
CPI in 1980 = 82.4
Eggs 1970 = 0.25
Edgs 1980 = X
Formula substitution and solution
CPI 1970 / CPI 1980 = cost of eggs 1970 / cost of eggs 1980
38.8/82.4 = 0.25 / x Cross multiply
38.8 * x = 0.25 * 82.4
38.8 * x = 20.625
x = 20.628 /38.8
x = 0.53 dollars of 53 cents.
53 cents in 1980 which is slightly double as predicted.
Footnote
As a matter of interest, my wife tells me that eggs now cost about 3.58 where we live. That's almost 7 times as expensive as they were in 1980. Something to think about. By the way, the price quoted is in Canada.
9514 1404 393
Answer:
$125 per year
Step-by-step explanation:
In the 2 years from 2015 to 2017, the spending on lunches increased by ...
$800 -550 = $250
That is an average per year of ...
$250/(2 yr) = $125/yr . . . . average dollar increase per year
_____
<em>Additional comment</em>
For costs, it is often true that they follow an exponential curve, not a linear one. Ed's spending increased by a factor of 800/550 = 16/11 in the two years, so an average percentage increase of √(16/11) -1 = 20.6% per year.
Step-by-step explanation:
If you were to reverse it it would be 7/6, but if you need it in another form, tell me.
Answer: The answer would be 398.5750
Step-by-step explanation: The ten thousandths place is the fourth digit to the right of the decimal.
