Use the Consumer Price Index below to answer the question.
In 1992, Sue rented out her apartment for $750 per month. In 2000 she charged $800 per month. Convert the 1992 price to 2000 dollars. In real terms, how does the actual price in 2000 compare to the price in 1992? Explain your reasoning. If necessary, round values to the nearest dollar.
What will be an ideal response?
The 1992 price in 2000 dollars is $921.
So a price of $921 per month in 2000 would be equivalent to a price of $750 per month in 1992. But the actual 2000 price, $800, is less than this.
So, in real terms, the 2000 price is lower than the 1992 price.
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