needed help When Disney's Magic Kingdom in Orlando, Florida, opened in 1971, the price of admission was $3.50 per day. In 2020, the ticket pricewas $109 per day.Instructions: In parts a and c, enter your responses as a percentage rounded to the nearest whole number. In part b, round yourresponse to two decimal places.a. By how much did the nominal price of a Disney ticket increase from 1971 to 2020?3014 %b. The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars?c. By how much did the real price of a ticket increase from 1971 to 2020?%

sponse to two decimal places. By how much did the nominal price of a Disney ticket increase from 1971 to 2020? 3014 % The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars? 2$ | % By how much did the real price of a ticket increase from 1971 to 2020?

sponse to two decimal places. By how much did the nominal price of a Disney ticket increase from 1971 to 2020? 3014 % The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars? 2$ | % By how much did the real price of a ticket increase from 1971 to 2020?

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter8: Economic Fluctuations, Unemployment, And Inflation

Section: Chapter Questions

Problem 10CQ

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

needed help

When Disney's Magic Kingdom in Orlando, Florida, opened in 1971, the price of admission was $3.50 per day. In 2020, the ticket price
was $109 per day.
Instructions: In parts a and c, enter your responses as a percentage rounded to the nearest whole number. In part b, round your
response to two decimal places.
a. By how much did the nominal price of a Disney ticket increase from 1971 to 2020?
3014 %
b. The CPI index was 40.5 in 1971 and 261 in 2020. What was the 1971 price in 2020 dollars?
c. By how much did the real price of a ticket increase from 1971 to 2020?
%

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