Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
A house cost $10,000 in 1976. What is this price equivalent to in 2001 dollars? (Use Exhibit 2 to find the CPI in the years mentioned.)
The equivalent cost of the house.
Given the house cost in 1976 is $10,000. The value of CPI for 1976 is 56.9 and the CPI for 2001 is 177.1.
The house cost in 2001 can be calculated by substituting the respective values in Equation (1) as follows:
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