Compute how much each of the following items is worth in terms of today's dollars using 177 as the price index for today
a. In 1926, the CPI was 17.7 and the price of a movie ticket was $0.25.
b. In 1932, the CPI was 13.1 and a cook earned $15.00 a week.
c. In 1943, the CPI was 17.4 and a gallon of gas cost $0.19.
a. The movie ticket is worth $.25 x 177/17.7 = $2.50 in today's dollars.
b. The cook's weekly wage is worth $15.00 x 177/13.1 = $202.67 in today's dollars.
c. The gallon of gas is worth $.19 x 177/17.4 = $1.93 in today's dollars.
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