The "pizza connection" refers to the observation that in a major city, the cost of a slice of pizza is always about the same as the subway fare. Using the CPI values from the table shown below and the CPI table, determine what a slice of pizza should have cost in 2006 if it cost $1.00 in 1983 and prices had risen with the CPI. What does this tell you about how actual pizza prices changed compared to the CPI? Year 1993 Pizza Cost 1.00 Subway fare CPI 99.6 Click to view the CPI Table. 1983 1.00 1999 2002 2007 2010 2015 1.25 1.75 2.00 2.50 2.55 3.05 1.15 1.80 2.10 2.50 2.55 3.05 144.5 166.6 179.9 207.3 218.1 237.0 A slice of pizza should have cost $2.03 in 2006 if it cost $1.00 in 1983 and prices had risen with the CPI. (Round to the nearest cent as needed.) This is higher than what pizza actually cost in 2002 ($2.00) and lower than what a pizza actually cost in 2007 ($2.50), telling us that actual pizza prices increased the CPI would suggest. more than
The "pizza connection" refers to the observation that in a major city, the cost of a slice of pizza is always about the same as the subway fare. Using the CPI values from the table shown below and the CPI table, determine what a slice of pizza should have cost in 2006 if it cost $1.00 in 1983 and prices had risen with the CPI. What does this tell you about how actual pizza prices changed compared to the CPI? Year 1993 Pizza Cost 1.00 Subway fare CPI 99.6 Click to view the CPI Table. 1983 1.00 1999 2002 2007 2010 2015 1.25 1.75 2.00 2.50 2.55 3.05 1.15 1.80 2.10 2.50 2.55 3.05 144.5 166.6 179.9 207.3 218.1 237.0 A slice of pizza should have cost $2.03 in 2006 if it cost $1.00 in 1983 and prices had risen with the CPI. (Round to the nearest cent as needed.) This is higher than what pizza actually cost in 2002 ($2.00) and lower than what a pizza actually cost in 2007 ($2.50), telling us that actual pizza prices increased the CPI would suggest. more than
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Transcribed Image Text:The "pizza connection" refers to the observation that in a major city, the cost of a slice of pizza
is always about the same as the subway fare. Using the CPI values from the table shown
below and the CPI table, determine what a slice of pizza should have cost in 2006 if it
cost $1.00 in 1983 and prices had risen with the CPI. What does this tell you about how actual
pizza prices changed compared to the CPI?
Year
2010
1983 1993
1.00 1.25
Pizza Cost
1999 2002 2007
1.75 2.00 2.50 2.55
1.00 1.15 1.80
Subway fare
CPI
2.10 2.50 2.55
144.5 166.6 179.9 207.3 218.1
99.6
Click to view the CPI Table.
2015
3.05
3.05
237.0
A slice of pizza should have cost $2.03 in 2006 if it cost $1.00 in 1983 and prices had risen
with the CPI.
(Round to the nearest cent as needed.)
This is higher than what pizza actually cost in 2002 ($2.00) and lower than what a pizza
actually cost in 2007 ($2.50), telling us that actual pizza prices increased
the CPI would suggest.
more than
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