30 Apr Question: Flation and the Quantity Theory of ALFRED Money- Ask FRED 320,000 Let’s get some practice convert…
flation and the Quantity Theory of ALFRED Money- Ask FRED 320,000 Let’s get some practice converting nominal values to real values. The accompanying graph depicts the median sales price for new houses sold in the United States in both nominal values and adjusted for inflation using the CPI 280,000 240,000 N 200,000 160,000 Median Sales Price for New Houses Sold 1980 64,708 in the United States Vintage: 2018-01-25: Median Sales Price for New Houses Sold in the United States Vintage: 2018-01-25/Consumer 120,000 80,000 1980 78,545.41776 40,000 980 Price Index for All Urban 010 Consumers: All Items Vintage 2018-02-06 100: Sources: U.S. Bureau of Labor Statistics, U.S. Bureau of the Census
Median Sales Price for New Houses Sold 2015 293,733 in the United States Vintage: 2018-01- 25: Median Sales Price for New Houses Sold in the United States Vintage: 2018-01-25/Consumer 2015 123,944.78325 rice Index for All Urban Consumers: All Items Vintage: 2018-02-06*100:
c. Using the CPI-adjusted price series what was the median price of a new house in 1980 and in 2015? What was the percentage increase in the adjusted price of a median house between 1980 and 2015? Round answer to the nearest whole value. 1980 (CPI-adjusted): $ 2015 (CPI-adjusted): $ Percent increase:
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