Over a twenty-year period, the price of a movie rose from $3 to $8. Over the same period, the CPI doubled. Adjusting for inflation, what would be the price of a movie in today’s terms? Using the information above, is a movie more expensive today or twenty-years ago?

The price of a movie in today’s terms would be $6.

The movie is more expensive today.

Step-by-step explanation:

We have been given that over a twenty-year period, the price of a movie rose from $3 to $8. Over the same period, the CPI doubled.

Since CPI is doubled over the same period, so price of movie ticket now should be 2 times the price of movie ticket before 20 years due to inflation.

Therefore, the price of a movie in today’s terms would be $6.

Since the current movie price is $8, which is greater than $6 (expected movie price), therefore, the movie is more expensive today.

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step-by-step explanation:

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