Use the information given in the table to solve the...

Use the information given in the table to solve the problem. The table gives the Consumer Price Index for selected years. Year | 1960 | 1965 | 1970 | 1975 | 1980 CPI | 29.7 | 35.5 | 48.3 | 62.2 | 78.9 What is the percent change (to the nearest tenth of a percent) in prices from 1965 to 1980? A. 222.7 % B. 122.3 % C. 121.1 % D. 124.6 %

The following table shows the average retail price of butter and the Consumer Price Index from 1980 to $2010,$ scaled so that the $\mathrm{CPI}=100$ in 1980 $$\begin{array}{|lcccc|} \hline & 1980 & 1990 & 2000 & 2010 \\ \hline \text { CPI } & 100 & 158.56 & 208.98 & 218.06 \\ \hline \begin{array}{l} \text { Retail price of butter } \\ \text { (salted, grade AA, } \\ \text { per } \end{array} & \$ 1.88 & \$ 1.99 & \$ 2.52 & \$ 2.88 \\ \hline \end{array}$$ a. Calculate the real price of butter in 1980 dollars. Has the real price increased/decreased/stayed the same from 1980 to $2000 ?$ From 1980 to $2010 ?$ b. What is the percentage change in the real price (1980 dollars) from 1980 to $2000 ?$ From 1980 to $2010 ?$ c. Convert the CPI into $1990=100$ and determine the real price of butter in 1990 dollars. d. What is the percentage change in real price (1990 dollars) from 1980 to $2000 ?$ Compare this with your answer in (b). What do you notice? Explain.

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