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You might have heard your grandmother say, “When I was your age, candy bars cost a nickel.” Like candy bars, the price of fast food has increased over time. In 1957, the year Burger King introduced its Whopper, the price was $0.37. In 2015, a Whopper costed $3.99.

Suppose the CPI in 1957 was 28, and the CPI in 2015 was 240. The base year for the CPI is 1983.

If the price of a Whopper had kept up with the rate of inflation, its price in 2015 would have been $

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es as an older person, I have seen a big increase in the cost of things like I remember when car gas cost about 55 cents a gallon! While wages and salaries have gone up I don't think that in many cases they have kept pace with the cost of living. I used to get paid $365 per month when I started out in mineral exploration and then at my last job as an employee I got about $5000 per month but even then we struggled to make ends meet to pay the mortgage or rent and buy food and clothing for the kids etc.

Parrain

If the price of Burger King Whopper had increased at the same rate as the general inflation, the price in 2015 would be $3.17

Consumer Price Index (CPI) is used to measure inflation by measuring the price of certain household goods overtime.

When using it to calculate the price of something in a year, use the formula:

= Price in year of interest x CPI of current year / CPI in year of interest

The price in 2015 would therefore be:

= 0.37 x 240 / 28

= $3.17

In conclusion, the price of the Whooper in 2015 would be $3.17.

Find out more at https://brainly.com/question/17960412.

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