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Suppose the current CPI is 240 and in 2002 it was 180. A pair of Levi’s jeans costs $54 today. Based on the CPIs, what would you expect the 2002 price to have been for the same style of Levis, in a similar retail outlet?

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Answer:

The price of Levis jeans in 2002 was $40.5 given the current price, current CPI and CPI in 2002.

Explanation:

CPI in current year = 240

CPI in 2002= 180

Price of jeans today = $54

Price of jeans in 2002 would be by the following formula

Price of jeans in 2002= (Price of jeans today * cpi in 2002)/CPI in current year

= (54*180)/240 = 40.5

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